System1 Group plc has rejected another £43.1 million takeover bid from fellow listed firm Brave Bison.
The board of the marketing effectiveness research company, founded 25 years ago, said it had rejected the third offer 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.
For each System1 share held, the third offer was for 135 pence in cash plus 2.04 new Brave Bison shares; with an alternative offer available of 3.36 new Brave Bison shares.
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.
“The board notes that there is no change in the terms of the cash and share offer or the alternative offer,” System1 stated this morning. “The board also notes that the offer document does not include any irrevocable undertakings or letters of intent from System1 shareholders expressing support.
“The board does not see the revised offer or the alternative offer as representing an acceptable fair value for all shareholders and, as a result, the board of System1 continues to unanimously and unequivocally reject [them].”
It said the offers represent a significant discount to its share price.
This week 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.
“This has been another period of momentum for Brave Bison, with net revenue nearly doubling and adjusted PBT up 120%,” said executive chairman Oliver Green.
“Our platform-based solutions, including MiniMBA, continued to deliver strong organic growth, alongside a resilient performance from our sport & entertainment division.
“The record multi-year agreement between MiniMBA and Omnicom announced in May 2026 underlines the strength of our offering to the world’s largest advertisers.”
He said the offer for System1 “is in the best interests of all Brave Bison and System1 shareholders”.
Building before funding: how solving a real industry problem shaped Onetrace