System1 rejects possible offer from Brave Bison

13th Jul 2026 08:51

(Sharecast News) - Brave Bison confirmed on Monday it was considering a cash-and-share offer for System1 valuing the company at about £43.1m, although System1's board has unanimously rejected the proposal as materially undervaluing the business.

The possible offer comprises 68p in cash and 2.7553 new Brave Bison shares for each System1 share, with Brave Bison saying the combination would create an AIM-listed marketing data and technology group with pro forma net revenue of £79m and adjusted EBITDA of £14m.

System1 said the revised proposal represented only a 4% premium to its closing share price on 10 July and did not include a meaningful premium for control.

The board said the offer failed to reflect its positive outlook following record second-half revenue and strong new business activity, and advised shareholders to take no action.

At 0925 BST, shares in Brave Bison Group were down 2.54% at 88.2p, while those in System1 Group were ahead 3.61% at 316p.

Reporting by Josh White for Sharecast.com.

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