System1 Group (SYS1): Brave Bison strategic stake
This situation live
SYS1 System1 Group
2 Mar 2026 · Brave Bison holds 27.96% after founder sale · +30% until the next step
The Board notes that Brave Bison is supportive of the strategy of System1 and is looking forward to engaging with Brave Bison in their support of the execution of the Company's strategy.
8 Jul 2026 · Stake 27.85%; relationship agreement signed · +8% until the next step
They signed a relationship agreement with us in April 2026, which is supporting a constructive and transparent relationship.
17 Jul 2026 · Possible offer rejected again by board · +10% until the next step
Taking the above into consideration, and as previously set out in the System1 Announcement, the Board of System1 continues to unanimously and unequivocally reject the Revised Proposal.
17 Jul 2026 · Shareholder-support statements withdrawn at Takeover Panel's request · +10% until the next step
The Company has been asked to clarify by the Takeover Panel that the statements regarding shareholder support were not prepared in accordance with the requirement of the Note on Rule 19.3 of the Takeo
24 Sep 2026 · Offer period; profit forecasts published under Rule 28.1 · −6% since
each constitute a profit forecast published by System1 during an offer period
24 Sep 2026 · Offer period; forecasts reported under Rule 28.1 · −6% since
This trading update contains the 5M FY27 Profit Forecast and the FY27 Profit Forecast, which for the purposes of Rule 28.1(a) of the City Code on Takeovers and Mergers (the "Code"), each constitute a
Brave Bison strategic stake
Offer period; forecasts reported under Rule 28.1
Next: Brave Bison decision on a firm offer
Every step · 6
- 2 Mar 2026 Brave Bison holds 27.96% after founder sale – The Board notes that Brave Bison is supportive of the strategy of System1 and is looking forward to engaging with Brave Bison in their support of the... ↗
- 8 Jul 2026 Stake 27.85%; relationship agreement signed – They signed a relationship agreement with us in April 2026, which is supporting a constructive and transparent relationship. ↗
- 17 Jul 2026 Possible offer rejected again by board – Taking the above into consideration, and as previously set out in the System1 Announcement, the Board of System1 continues to unanimously and unequivocally... ↗
- 17 Jul 2026 Shareholder-support statements withdrawn at Takeover Panel's request – The Company has been asked to clarify by the Takeover Panel that the statements regarding shareholder support were not prepared in accordance with the... ↗
- 24 Sep 2026 Offer period; profit forecasts published under Rule 28.1 – each constitute a profit forecast published by System1 during an offer period ↗
- 24 Sep 2026 Offer period; forecasts reported under Rule 28.1 – This trading update contains the 5M FY27 Profit Forecast and the FY27 Profit Forecast, which for the purposes of Rule 28.1(a) of the City Code on Takeovers... ↗
What is happening
System1 Group: Brave Bison strategic stake – Offer period; forecasts reported under Rule 28.1. ['Offer period; forecasts reported under Rule 28.1']
- In short
- Brave Bison bought John Kearon's 23% stake in March 2026 and holds 27.85%. It made a possible offer on 10 July 2026, rejected by the board on 13 and 17 July. On 24 September 2026 System1 published 5M and FY27 profit forecasts under Rule 28.1, reported on by HaysMac and Canaccord Genuity. The forecast assumes the offer does not become unconditional.
- Announced
- 2 Mar 2026 · Brave Bison holds 27.96% after founder sale
- Latest
- 24 Sep 2026 · Offer period; forecasts reported under Rule 28.1
- Discount
- 4.9% discount on 16 July 2026 closing prices (Brave Bison 87.5p, System1 325.0p)
- Board view
- Rejected possible offer on 13 and 17 July 2026 as undervaluing System1
- Bidder
- Brave Bison Group plc, holding 27.85% of System1
- Status
- No certainty an offer will be made
- Shareholder support
- Statements on shareholder feedback withdrawn on 17 July 2026 at the Takeover Panel's request (Rule 19.3 Note)
- Forecast reports
- HaysMac and Canaccord Genuity reports on profit forecasts, 24 September 2026
- Forecasts
- 5M FY27 PBT £2.1m; FY27 PBT £5.0m, published 24 September 2026
- Reports
- HaysMac (accountant) and Canaccord Genuity (adviser) reports in the appendix
What comes next
Brave Bison decision on a firm offer.
From the company's own announcements. Not investment advice.
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Upgrade / downgrade cycleFY26 guidance delivery – FY27 profit guidance raised again to £5.0m
Takeover targetPossible offer – approach
Turnaround plan with targetsCost optimisation and efficiency plan – Savings delivered; margin benefit expected FY27
Insider conviction2 directors buying – £7,256k in 2 buys · closed
Insider conviction4 directors buying – £504k in 5 buys · closed
System1 Group – company page →