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(Sharecast News) - Brave Bison sweetened its takeover offer for System1 Group on Monday for the fourth time, to £47.5m.
Under the terms of the latest offer, the AIM-listed digital media company would pay 360p per share, comprised of 135p in cash and 2.394 new Brave Bison shares. This is a premium of 82% to the undisturbed System1 share price on 27 February, immediately prior to Brave Bison's strategic investment.
It's also 11.3x consensus expectations for FY27 adjusted operating profit of £4.2m.
Brave Bison had made previous offers of 242p a share, 297p a share and 327p a share.
Brave Bison pointed to System1's trading update last Thursday. It said that while it welcomes the continued progress reported by the company, shareholders should note that those expectations imply revenue growth of just 5% compared with FY26 and only 4% compared with FY25 over a two-year period.
Brave Bison said expected FY27 adjusted pre-tax profit of £4.2m remains "materially" below the £5.2m achieved in FY25 despite revenues being expected to return to broadly comparable levels. It also noted that consensus market expectations as at 21 April 2026 included adjusted profit after tax of only £2.9m, around 43% below the £4.4m reported in FY25.
At 0942 BST, Brave Bison shares were down 4.8% at 81p, while System1 was 0.4% higher at 337.22p.
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