Brave Bison has raised its offer for System1 for a fourth time, valuing the marketing data company at £47.5m as it pushes to build what it calls a challenger marketing technology group on AIM.
The fresh offer is 135p in cash plus 2.394 new Brave Bison shares for each System1 share to total 360p a share, an 82% premium to System1’s price before Brave Bison first invested in February.
The offer System1 at about 11 times its forecast operating profit.
Brave Bison used today’s announcement to highlight a soft outlook issued by System1, presumably to encourage System1 shareholders and the board to fall in line with its plans.
Forecasts for 2027FY issued by System1 show 2027FY profit before tax falling to £4.2m from £5.2m in 2025.
Brave Bison, which already owns nearly 28% of System1, said it had letters of intent from other shareholders, including former System1 chief executive Stefan Barden and his family, taking its combined ownership and support to 38.9%.
The move follows a five-month trading update from System1 this week, in which it reconfirmed its expectation of 5% revenue growth this year. Brave Bison used its announcement to argue that System1’s growth was modest and that its forecast profit remained below the level achieved two years earlier.
If Brave Bison secures 75% of the company, it said it intends to delist System1 from AIM and take it private.