System1 has announced an "unequivocal rejection" of Brave Bison's revised takeover approach, arguing the £43.1m proposal materially undervalues the business and fails to offer an appropriate premium for shareholders to give up control.

The marketing technology company said discussions with major shareholders backed the board's view that the bid does not reflect the group's improved trading momentum or positive growth outlook.

The revised offer, worth around £3.17 per share, represented only a modest premium to System1's market value and, using closing prices on 16 July, would have implied a 4.9% discount, it argued. The company also rejected Brave Bison's claims of a 65% premium, saying they ignored the sustained share price gains following its positive trading update in March.

The board reiterated that recent record second-half revenue, strong new business growth, a higher proposed final dividend and a confident FY27 outlook were not reflected in the proposal, and that it continued to "unanimously and unequivocally reject" the offer.

London AIM listed Brave Bison, which has a market value of around £100m, already owns a 28% stake in System1 and, under UK takeover rules, must announce a firm intention to make an offer or walk away by 7 August.

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