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System1 reiterates rejection of Brave Bison's revised offer

Fri 17 Jul 2026 12:51

(Sharecast News) - System1 reiterated its unanimous rejection of Brave Bison's revised cash-and-share proposal on Friday, saying feedback from major shareholders supported the board's view that the offer materially undervalued the company. The possible offer comprises 68p in cash and 2.7553 new Brave Bison shares for each System1 share, valuing the business at 317p per share based on Brave Bison's 10 July closing price and representing a premium of about 4% to System1's price on the same date.

System1 said the proposal offered no meaningful control premium and failed to reflect its stronger trading outlook following record second-half revenue and new business performance.

Using closing prices on 16 July, the terms represented a 4.9% discount to System1's market value, and the board advised shareholders to take no action while noting there was no certainty that a formal offer would be made.

At 0828 BST, shares in System1 Group were up 1.54% at 330p.

Reporting by Josh White for Sharecast.com.

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