Brave Bison (AIM:BBSN) has dropped plans to merge with fellow marketer MISSION Group (LSE:TMG) after persistent rejections of its approaches and a refusal to engage in talks by its target.
MISSION also opted not to extend the put-up-or-shut-up (PUSU) deadline by which Brave Bison (AIM:BBSN) would be required to make a firm offer.
A statement said: “The board of Brave Bison is disappointed by the lack of engagement from the Mission Board and does not believe that the Mission Board's strategy to deleverage the business will deliver value for Mission shareholders in excess of the revised proposal.
“Brave Bison is a disciplined acquirer and is not willing to advance the possible offer without due diligence or access to key management.”
Mission responded that it is confident in its standalone prospects: “As previously announced on 17 January 2024, the board of MISSION has set out how it expects to realise value for MISSION's shareholders through its standalone strategy and execution of the group's value restoration plan, which is now well underway.
“The board of MISSION also remains confident that during the remainder of the year, it will deliver on its plan to reduce leverage.“
Shares in MISSION dropped 11% to 24p.