System1 Group (AIM:SYS1), the AIM-listed research and behavioural science advertising testing group, restated its unequivocal rejection of Brave Bison's possible offer.
The board said the revised proposal, despite Brave Bison citing a 65% premium to the undisturbed share price, includes no notable premium for control, as would be customary in a public takeover.
System1's Final Results, released 8 July, confirmed record second-half revenue and new business performance, alongside an increased proposed final dividend.
The outlook statement pointed to continued strong new business activity into FY27, a broader customer base and a clear pathway to sustainable growth.
The board said the revised proposal fails to reflect that positive outlook.
