Brave Bison Group, the AIM-listed digital media and marketing company, has raised its takeover offer for System1 Group for a fourth time.
The new terms comprise 135p in cash per share plus a share alternative, taking the total value to 360p.
That figure is based on Brave Bison's 20-day volume-weighted average share price of 94p on 10 July.
The offer values System1, a research and marketing data firm, at £47.5 million.
That equates to 11.3 times consensus expectations for adjusted operating profit of £4.2 million in the 2027 financial year.
It also represents an 82% premium to System1's undisturbed share price of 198p on 27 February, before Brave Bison's initial strategic investment.
The increase follows a five-month trading update from System1 on 10 September.
In it, the company reconfirmed revenue growth of 5% year on year for the 2027 financial year, alongside adjusted profit before tax of £4.2 million.
Brave Bison noted that figure sits well below the £5.2 million System1 delivered in its 2025 financial year, even though revenues are expected to return to broadly comparable levels.
It added that consensus adjusted profit after tax of £2.9 million is 34% below the £4.4 million reported that year.
Brave Bison already owns 27.85% of System1 and has secured letters of intent covering a further 10.95%.
Those include commitments from former chief executive Stefan Barden and family members, taking its combined position to 38.9% ahead of the acceptance deadline.
The bid is the third increase since Brave Bison's initial approach on 8 June, following earlier terms of 297p and 327p.
It remains conditional on acceptances representing more than 50% of System1's voting rights.
An increased offer document will be published and posted to System1 shareholders shortly.
