Brave Bison Group (AIM:BBSN) increased its takeover offer for System1 Group to 135p in cash per share, implying a total value of 360p including its existing stake, based on Brave Bison's 20-day volume-weighted average share price of 94p on 10 July.
The fourth offer values System1's entire issued share capital at £47.5 million, equivalent to 11.3 times consensus market expectations for the marketing data and technology company's FY27 adjusted operating profit of £4.2 million.
It represents an 82% premium to System1's undisturbed share price of 198p on 27 February, before Brave Bison's initial strategic investment, and a 10% increase on the 327p Third Offer announced on 30 July.
Brave Bison pointed to System1's five-month trading update, published 10 September, which reconfirmed consensus expectations implying just 5% revenue growth against FY26 and 4% against FY25 over two years, with adjusted profit before tax of £4.2 million still below the £5.2 million achieved in FY25.
Brave Bison already owns 27.85% of System1 and has secured letters of intent covering a further 10.95%, including from former System1 chief executive Stefan Barden, taking its combined position to 38.9% of System1's issued share capital.
The offer remains conditional on acceptances representing more than 50% of System1's voting rights, with an increased offer document to be published and posted to System1 shareholders shortly.
News Intelligence what this means for the company
Brave Bison has raised its System1 cash offer to 135p per share for the third time, valuing the target at £47.5 million—an 11.3x multiple on consensus FY27 adjusted operating profit of £4.2 million. The move follows System1's September trading update, which showed only 5% revenue growth and profit still below FY25 levels, yet Brave Bison has secured letters of intent covering 38.9% of voting rights and needs just over 50% acceptance to proceed. The escalating bids signal determination, but System1's weak growth trajectory and the board's prior warning that the proposal lacked irrevocable undertakings suggest the deal remains contested.
For Brave Bison, the repeated bid increases consume cash and management bandwidth on a target growing at single-digit rates—the company's own H1 FY26 net revenue grew 98%, making System1's 5% growth a drag on group momentum. Success hinges on the 38.9% secured position being enough to tip the vote, but failure would leave Brave Bison holding a near-40% stake in a reluctant, slow-growth business with no clear exit.
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