System1 Group PLC (LSE:SYS1) said its board has unanimously rejected revised takeover proposals from Brave Bison Group (LSE:BBSN), comprising cash-and-share and all-share alternatives.

The System1 board said both proposals undervalue the company when compared with its prevailing market price and has advised shareholders to take no action at this stage.

Revised proposals imply discounts to recent share prices

According to System1, the revised terms imply discounts ranging from approximately 7% to 15% compared with the company’s recent closing share prices.

The board also said it had not seen evidence of shareholder support for either of the revised proposals.

System1’s assessment of the proposed valuations represents the board’s position on the offers rather than an independent determination of the company’s value.

System1 preparing formal response and trading update

The company said it is preparing a formal response to Brave Bison’s revised proposals and intends to provide shareholders with a trading update.

Until further information is released, the System1 board has advised shareholders not to take any action in relation to the proposals.

The source material does not provide further details on the timing of the formal response or trading update.

System1 operates in marketing analytics

System1 Group PLC is a London-listed marketing and brand analytics company that provides research and data services to advertisers.

Its services are designed to help brand owners and agencies assess the potential commercial impact of advertising and support marketing decisions across digital and traditional channels.