Brave Bison Secures Support for 39.67% of System1 Shares in Takeover Bid
Brave Bison Group Plc (LSE:BBSN) has announced an update on its takeover bid for System1 Group PLC (LSE:SYS1), revealing that it currently owns, holds acceptances for, or has secured commitments covering 39.67% of System1's issued share capital. As of October 15, 2026, Brave Bison directly held 27.85% of System1 shares and received valid acceptances for an additional 14,465 shares, bringing its formal acceptance condition progress to 27.96%.
The acquisition offer values System1 at an implied 405 pence per share, excluding a contingent value right that could add another 20 pence in cash. Brave Bison seeks to acquire the remaining 72% stake it does not already own. Securing 11.82% of shares via irrevocable undertakings and letters of intent provides a boost toward obtaining majority control, though formal acceptances remain low ahead of the closing date.
System1 shareholders who have not yet accepted the offer have until 1:00 p.m. London time on October 26, 2026, to submit their forms or electronic instructions. Investors will be watching whether acceptance levels increase significantly as the deadline approaches or if any competing bids emerge under takeover rules.
Key points
- Brave Bison Group Plc controls or has non-binding and binding support for 39.67% of System1 Group PLC shares.
- The final acquisition offer carries an implied value of 405 pence per share, plus a potential 20 pence contingent value right.
- Formal acceptances stand at 14,465 shares, with direct ownership at 27.85% as of October 15, 2026.
- Uncommitted System1 shareholders must decide whether to accept the offer by October 26, 2026.
Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org
How we writeDisclaimerQuestions and answers
What is Brave Bison offering for System1 shares?
Brave Bison is offering 180 pence in cash, 2.394 new Brave Bison shares, and 1 contingent value right potentially worth 20 pence in cash per System1 share, giving an implied value of 405 pence per share excluding the CVR.
When is the deadline for System1 shareholders to accept the offer?
System1 shareholders have until 1:00 p.m. London time on October 26, 2026, to accept the final offer.
How much of System1 does Brave Bison currently control or have commitments for?
Brave Bison owns, has acceptances for, or holds irrevocable commitments and letters of intent covering 39.67% of System1's issued share capital.