Tribal Group has agreed an increased price with private equity firm Main Capital Partners, which will now pay about £231m for the education software company’s businesses.
The company said Main had raised its cash consideration from £189.3m to £231.2m, equivalent to around 105p a share, a 67% premium to Tribal’s share price before the deal was first announced in September.
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The AIM-listed group’s board, advised by Investec, unanimously recommended the improved terms, calling them fair and reasonable.
Shares were 18% higher at the time of writing.