System1 rejects fourth takeover offer from Brave Bison
By Michele Maatouk
Date: Wednesday 16 Sep 2026
(Sharecast News) - Market research firm System1 Group said on Wednesday that it has rejected a fourth takeover offer of £47.5m from Brave Bison, arguing that it materially undervalues the company.
Brave Bison announced on Monday that it had sweetened its offer to 360p a share, comprised of 135p in cash and 2.394 new Brave Bison shares. This was up from previous offers of 327p a share, 297p a share and 242p a share.
It is also a premium of 82% to the undisturbed System1 share price on 27 February, immediately prior to Brave Bison's strategic investment.
However, System1 said on Wednesday that its board "unanimously and unequivocally" rejects the offer, which represents a discount of 1.8% to its closing share price of 335p on Tuesday.
Chair Rupert Howell said: "The board remains firmly of the view that Brave Bison's fourth offer materially undervalues System1 and is not in the best interests of shareholders. There is no premium for control at today's prices, no increase in the cash consideration, and, despite Brave Bison's claims, the offer does not represent 360 pence per share at Brave Bison's current share price. The reality is that System1 shareholders are being asked to exchange ownership of a high-quality business for an inadequate value.
"The board also remains unconvinced by Brave Bison's strategic rationale and believes the fourth offer appears driven more by acquisition-led expansion than by any deep strategic fit between the two businesses."
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