Published: July 30, 2026 at 9:24 am
Brave Bison has submitted a £43.1 million takeover bid for System1 despite opposition from the board of the marketing effectiveness research firm, which is also a publicly listed business.
The cash-and-share offer from Brave Bison values System1 at £43.1m, equivalent to 20x FY26 operating profit and a 65% premium to its share price on 27th February, before Brave Bison announced its initial investment in System1.
Brave Bison said it has consulted shareholders representing approximately 14% of System1’s issued share capital, although it didn’t say whether they had agreed to vote in favour of the bid. Brave Bison is System1’s largest shareholder and currently owns 28%, having made a strategic investment in March which included a share exchange with System1’s founder John Kearon, who now has an 8% shareholding in Brave Bison and is no longer involved with System1.
The offer has a minimum acceptance condition of more than 50% of System1’s voting rights, including Brave Bison’s existing holding.