Brave Bison raises its fourth proposal for System1

Brave Bison ($BBSN) increased its proposal for System1 ($SYS1) to 135 pence in cash plus 2.394 new Brave Bison shares for each System1 share. Using a 94 pence reference value for Brave Bison stock, the proposal implies 360 pence per System1 share and approximately £47.5 million of equity value. The stock component means that value can change with Brave Bison’s share price.

Brave Bison said its existing holding and letters of intent represented approximately 38.9% of System1. Letters of intent should not be treated as irrevocable acceptances, and the proposal is not a completed transaction. A subsequent clarification corrected forecast-table entries without changing their mean. The revised terms, rather than the older approaches, are the new development for the two listed companies.

Sources:

• Brave Bison — fourth proposal
• Brave Bison — subsequent clarification