Jenzabar Inc, Tribal Group PLC’s largest shareholder, raised its stake in Tribal as it continued to oppose a takeover by Ellucian Co LP, as recommended by Tribal’s board.

As of Wednesday, Boston, Massachusetts-based Jenzabar owns a stake of 26.45% in Tribal, a Bristol-based educational software and services provider. This is up from just below 21%.

Tribal received a planned takeover offer worth £172.3 million from Ellucian Co LP, a US software provider to the education sector, in early October.

Notably, the proposed takeover requires approval from at least 75% of scheme shares held by Tribal shareholders. As just 73.55% of Tribal shares are not held by Jenzabar, the latter can block the planned takeover.

Jenzabar Inc, a software company focused on a technology suite for higher education, on Monday said it opposed the planned takeover of Tribal Group PLC by Ellucian. Jenzabar confirmed that it is not planning to make a firm offer for Tribal.

Under the cash deal which Tribal recommends, every Tribal share was valued at 74 pence per share, with Tribal valued at £159.5 million on a fully diluted basis, giving it an enterprise value, including debt, of £172.3 million.

It represented a 41% premium to the closing price of 52.30 pence in London on October 5, the day the offer was made.

In late October, the UK Competition & Markets Authority said it considered a formal phase 1 merger investigation, under which Tribal and Ellucian will produce and finalise a merger notice with the UK competition watchdog.

Tribal shares rose 2.3% to 66.00 pence each on Thursday afternoon in London.

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