Brave Bison has made a fourth offer for System1, valued at £47.5m, after the marketing technology firm issued an "unequivocal rejection" of its previous offer.

The new offer, which implies a total value of £3.60 for each System1 share, represents an 82% premium on the firm’s closing share price on 28 February, which was the last business day immediately prior to the announcement of Brave Bison’s strategic investment.

Brave Bison currently owns 28% of System1, having made a strategic investment earlier this year.

Should the fourth offer be accepted, following completion, System1 shareholders would hold approximately 16.6% of Brave Bison’s ordinary issued share capital.

Brave Bison already either owns, or has received letters of intent, to accept the fourth offer, representing approximately 38.9% of System1’s issued share capital.

The update comes after System1 published its five-month trading update, in which it repeated its profit forecast of certain existing consensus market expectations of the full-year.

Brave Bison said that while it welcomes the continued progress reported by the marketing technology firm, shareholders should note that those expectations imply to revenue growth of just 5%.

It also notes that consensus market expectations included an adjusted profit after tax of £2.9m, which is 34% below the £4.4m reported in FY25.

Following the announcement, shares in System1 dropped by over 4%.

---