Brave Bison Group (BBSN): Contested final offer for System1

What is happening

Brave Bison Group: Contested final offer for System1 – Final offer open; acceptances 8.10%, 35.95% countable. ['Final offer open; acceptances 8.10%, 35.95% countable']

In short

Brave Bison's contested bid for System1 reached its increased final offer on 7 Oct 2026 (180p cash, 2.394 new shares and a CVR, implied 405p excluding the CVR); the offer document followed on 9 Oct. At 3pm on 22 Oct, valid acceptances were 8.10% and, with its 27.85% stake, Brave Bison could count 35.95%. Nearly all acceptances (7.95%) come from committed holders, so independent support is minimal.

Announced

16 Oct 2026 · Final offer open; acceptances minimal

Latest

23 Oct 2026 · Final offer open; acceptances 8.10%, 35.95% countable

Offer

180p cash, 2.394 new Brave Bison shares and 1 Bison CVR (up to 20p) per System1 share; implied 405p excluding CVR

Acceptances

1,028,532 System1 shares, about 8.10%, valid at 3.00 p.m. on 22 October 2026

Countable stake

4,562,542 shares, about 35.95%, including its own 27.85% holding

Irrevocables

1,361,419 shares (10.73%) irrevocable; letters of intent for 138,561 shares (1.09%); total 11.82%

Acceptance quality

Brave Bison cannot confirm whether 918,806 of the acceptances come from holders already committed

Timetable

Offer closes at 1.00 p.m. on 26 October 2026

Committed holders

1,008,788 of the accepted shares (7.95%) were under irrevocables or letters of intent

Outstanding commitments

A further 491,192 shares (3.87%) under irrevocables or letters of intent not yet accepted

What comes next

Offer closes; final acceptance level announced (26 Oct 2026).

From the company's own announcements. Not investment advice.