Brave Bison Group (AIM:BBSN) confirmed a possible offer for System1 Group at 68p per share in cash, funded through a credit facility rather than an equity raise.
The next-generation marketing and technology group said System1's board rejected its original proposal on value grounds but has acknowledged the combination carries strong industrial logic. The deal would create a combined business with pro-forma net revenues of £79 million and Adjusted EBITDA of £14 million, figures that exclude potential savings from removing duplicate board, property and IT costs.
Roughly 58% of enlarged net revenue would come from scalable platform solutions, with over 700 customers spread across the UK, EU and US limiting concentration risk.
Brave Bison plans to restructure roughly three divisions: Marketing Effectiveness, led by System1 chief executive James Gregory and serving clients including Ikea and Pfizer; Marketing Excellence, built roughly the MiniMBA training platform; and Marketing Delivery, its existing agency business serving clients such as New Balance and PGA Tour.
The company said well-resourced competitors are moving quickly on AI-native marketing tools, and the combined group would have the "scale, capital, and strategic backing" to compete for that growth.
Under Takeover Panel rules, Brave Bison must announce a firm intention to bid, or walk away, by 5 pm on 7 August.
