Brave Bison Ups System1 Acquisition Bid Again

Ad group Brave Bison has made another revised offer for ad effectiveness insights firm System1, its fourth to date, valuing the company - in which it is the largest shareholder - at around £47.5 million.

The new offer from the AIM-listed digital media specialist is for 360p per share - including 135p in cash and the remainder in new Brave Bison shares - and constitutes a premium of 82% to its share price on 27th February, prior to Brave Bison's investment. The ad firm had previously offered 242p, 297p and most recently 327p a share.

System1 issued a trading update last Thursday, predicting revenue growth of around 5% compared with FY26 - Brave Bison highlighted this in its offer and also said that System1's expected FY27 adjusted pre-tax profit of £4.2m is 'materially below' the £5.2m achieved in FY25.

Brave Bison currently holds 27.85% of System1, and says it has received letters of intent which would lift this to around 38.8% - the additional 10.95% includes shares belonging to former Chief Executive Stefan Barden and family members. The offer would be accepted if shareholders representing over 50% of the company approve it, and if successful would leave System1's current shareholders with around 16.6% of Brave Bison.

The firms are on the web at www.system1group.com and www.bravebison.com . More details of the businesses and of Brave Bison's rationale for the bid are in the July item.

Pictured is System1 Chief Exec James Gregory.