System1 continues to reject Brave Bison's advances, reiterating its “unequivocal rejection” of the latest offer after the bidder formally posted its document.

The System1 board said the bid continues to undervalue the company and pointed out that Brave Bison has failed to secure any irrevocable undertakings or letters of intent from System1 shareholders. The company has previously argued that the offer fails to reflect its growth prospects and strong recent trading.

Brave Bison, which already owns a 28% stake in System1, is offering either 2.04 Brave Bison shares plus 135p cash for each System1 share, or 3.36 Brave Bison shares for each System1 share under an all-share alternative.

System1 has consistently argued that the bid offers no control premium, does not reflect its growth prospects and undervalues the business following strong recent trading and record second-half revenues.

System1 shares closed at £3.35 on 26 August and were quoted around £3.385p subsequently, remaining above the implied value of Brave Bison's offer. Brave Bison shares closed at 84.5p on 26 August, with the value of its largely share-based offer has continued to decline.

Both companies operate in the marketing technology and digital advertising ecosystem, are headquartered in London and listed on the AIM.

System1 said it was reviewing the offer document with advisers and would provide its formal response in its offeree board circular, which will also include its previously planned trading update. “Shareholders are advised to take no action at this time,” the company said.

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