System1 rejects sweetened takeover offer from Brave Bison
System1 Group PLC on Friday rejected an improved takeover bid by its largest shareholder Brave Bison Group PLC, citing absence of shareholder support.
System1, a London-based advertising and communications agency, said the offer by London-based peer Brave Bison, represents a discount of around 6.8% to its closing share price of 345.0 pence on Wednesday, the last business day prior to Brave Bison's sweetened offer.
Brave Bison on Thursday valued System1 at 321.7p per share, raised from 317p before. This would comprise 135p per share in cash and 2.04 new Brave Bison shares for every System1 share held.
System1 shares fell 1.5% to 330.00p each on Friday afternoon in London, while Brave Bison shares were down 0.3% at 88.25p.
Brave Bison on Thursday said it had not sought nor received any letters of support in respect of the offer although it has consulted with investors speaking for 14% of System1 shares. Brave Bison holds a 28% stake in System1.
Further, System1 noted an alternative offer, based on Brave Bison's closing share price of 91.5p on Wednesday, which implies a value of 307.4p for each System1, or a near 11% discount to System1's closing share price of 345.0p on Wednesday.
System1 will provide a trading update in August.
Copyright 2026 Alliance News Ltd. All Rights Reserved.