System1 reiterates "unequivocal" rejection of Brave Bison approach

System1 Group PLC on Friday reiterated its view that Brave Bison Group PLC's takeover approach "materially undervalues" the company.

System1, a London-based marketing firm, said the offer by Brave Bison, a London-based advertising and communications agency, "does not represent fair value for System1 shareholders".

Brave Bison, which holds a 28% interest in System1 and is its largest shareholder, last week Friday tabled a new cash-and-shares proposal.

Under this, System1 shareholders would receive 2.7553 Brave Bison shares and 68 pence in cash for each share held, worth 317p per System1 share, or £43.1 million, based on Brave Bison's 90.5p closing share price last week Friday.

System1 on Friday said: "The board of System1 continues to unanimously and unequivocally reject the revised proposal."

System1 shares closed 0.9% higher at 328.00p each on Friday in London, while Brave Bison shares closed 1.1% lower at 86.50p.

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