System1 Group Rejects Latest Indicative Takeover Proposal from Brave Bison

System1 Group (SYS1.L) said Monday its directors unanimously rejected the latest indicative takeover proposal from marketing and technology group Brave Bison Group (BBSN.L). The targeted marketing research company said its board believes the revised indicative offer of 3.17 pounds sterling per share, comprising 0.68 pound in cash and 2.7553 new Brave Bison shares, materially undervalues the company. Brave Bison's initial proposal of 3.5988 new Brave Bison shares in exchange for one System1 share represented no premium to the price of the target's share. The rejection followed Brave Bison's confirmation on July 10 of ongoing discussions between directors of both companies to facilitate its acquisition of the 72% stake that it does not already own in System1. Brave Bison said a merger between the companies will open up the enlarged entity to a wider investor base due to likely inclusion in the AIM 100 Index. The company has until Aug. 7 to submit a firm offer for System1.