Brave Bison (LSE:BBSN) has launched a formal cash offer to acquire the System1 Group (LSE:SYS1) shares it does not already own, offering 360 pence per share.
The offer follows earlier approaches to System1 and represents Brave Bison’s fourth and increased proposal for the company.
Brave Bison currently owns 3,534,010 System1 shares, representing 27.85% of its issued share capital. The offer therefore relates to approximately 72% of System1’s shares that Brave Bison does not already hold.
Brave Bison Reports 39.19% Ownership and Indicated Support
As of 24 September 2026, Brave Bison had also received letters of intent relating to a further 11.34% of System1’s issued share capital.
Combined with Brave Bison’s existing 27.85% holding, the shares owned by the company and those covered by letters of intent represent 39.19% of System1’s issued share capital.
However, Brave Bison said it had not received any valid acceptances of the formal offer as of that date. Letters of intent do not constitute formal acceptances of the takeover offer.
The company has asked System1 shareholders who wish to accept the proposal to do so by 26 October 2026.
Offer Follows Earlier Approaches
The 360p-per-share proposal follows a series of approaches by Brave Bison to acquire System1.
Brave Bison is seeking to add System1’s marketing and advertising effectiveness operations to its existing digital media and marketing activities.
Completion of the acquisition remains dependent on the takeover process and the level of shareholder acceptances received.
About Brave Bison and System1 Group
Brave Bison Group PLC is a UK-based digital media and marketing company whose activities include the creation, distribution and monetisation of digital content. The group has also expanded through acquisitions in marketing and related services.
System1 Group PLC is a London-listed marketing and advertising effectiveness consultancy providing services based on consumer behaviour and creative performance analysis.
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