Brave Bison has upped its takeover offer for fellow PLC The Mission Group.
Last month, the acquisitive digital advertising and technology services company saw a bid which valued each Mission share at 11.5 Brave Bison shares, giving an equity value of around £26.4 million.
This morning Mission – a collective of creative and MarTech agencies also listed on the AIM junior market in London – said Brave Bison has now offered 13.9 Brave Bison shares for each Mission share, valuing it at around £32m.
The offer includes a partial cash alternative of up to 50% of the potential offer price and the intention to undertake an underwritten share placing to reduce indebtedness of the proposed combined group.
“Were the revised possible offer to be implemented on its indicative terms, this would result in Mission’s shareholders holding approximately 50% of the proposed combined group,” Mission said in its notice to the London Stock Exchange.
“While the board’s preliminary view is the revised possible offer does not reflect Mission’s contribution to the proposed combined group, the board, together with its financial and legal advisers, is evaluating [it].”
Mission’s share price has dropped from around 50 pence a year ago to below 25p today, with a market cap of just below £23m.
Its CEO is James Clifton (pictured).