MISSION Group has confirmed it received another unsolicited conditional proposal regarding a possible offer from fellow marketing group Brave Bison (AIM:BBSN) last week.
Terms were an all-share offer at an exchange ratio of 13.9 Brave Bison (AIM:BBSN) shares for each ordinary share in MISSION with a partial cash alternative of up to 50% and a pledge to undertake an underwritten share placing to reduce the indebtedness of the combined group.
Mission said that based on the respective shares prices around 10 May, the approach valued it at roughly 35p a share or £32.3 million in total.
If the Revised Possible Offer was implemented on its indicative terms, MISSION's shareholders would hold approximately 50% of the proposed combined group.
MISSION said a preliminary inspection suggests that holding does not reflect its contribution to the proposed combined group but will evaluate the approach and make a further announcement in due course.
Shares in Mission were unchanged at 24.5p.