Brave Bison has upped its takeover offer for fellow listed firm System1 to £47.5 million despite seeming opposition from the former’s biggest shareholder.
Last month marketing effectiveness research company System1 Group plc rejected a third offer of £43.1m from Brave Bison, which is its largest shareholder.
The first approach from Brave Bison, parent company of SocialChain, was an all-share affair, while the second contained a cash component. The third increased the cash component but not the value of the offer.
However it transpired last week that Lord Michael Ashcroft (pictured), who owns 23% of Brave Bison, had provided written support to System1 in its defence against the attempted hostile takeover – suggesting that he’s not in support of the move. Whether he would support the new improved fourth bid is unknown.
The new offer is for 135 pence in cash and 2.394 new Brave Bison shares for each System1 share. This represents an 82% premium to the closing price of 198p on 27th February 2026 – the last business day immediately prior to the announcement of Brave Bison’s strategic investment.
Brave Bison currently owns 28% of System1, having made a strategic investment in March which included a share exchange with System1’s founder John Kearon (pictured), who now has an 8% shareholding in Brave Bison.
System1 recently took the unusual step of reporting five-month results in an attempt to support its defence against the takeover.
This morning Brave Bison stated that it “welcomes the continued progress reported by System1” but added that “shareholders should note that those expectations imply revenue growth of only 5% compared with FY26 and only 4% compared with FY25 over a two-year period… expected FY27 adjusted profit before tax of £4.2m remains materially below the £5.2m achieved in FY25 despite revenues being expected to return to broadly comparable levels”.
It continued: “Brave Bison further notes that consensus market expectations as at 21st April 2026 included adjusted profit after tax of only £2.9m, some 34% below the £4.4m reported in FY25.”
Last month Brave Bison reported a doubling of revenue and adjusted EBITDA in its latest half-year results – to £23.9m and £4.5m respectively.
For the six months ending 30th June 2026, it also grew adjusted profit before tax to £4.1m from £1.9m.