The board at Mission Group has announced that it has "unanimously rejected" a takeover offer by Brave Bison, valued at £27m.

In a statement by the digital marketing firm, it stated that the offer by Brave Bison, which owns the Social Chain agency owned by entrepreneur, Steven Bartlett, was "opportunistic and significantly undervalues the group and its prospects".

Brave Bison said in its takeover statement that if the firms were to combine, it would create a scaled social media, marketing and technology services company, with pro-forma 2023 revenues of £120m and an EDBITA of £14m.

Furthermore, it added that a combination with the firm would allow for Mission to strengthen its balance sheet and improve debt and covenant ratios.

Executive chairman at Brave Bison, Oliver Green, said: "The combination of Brave Bison and Mission has the potential to deliver compelling value for both company's shareholders, clients and employees. We look forward to engaging with the board of Mission to discuss the merits of our proposal further."

However, with the offer stating that Mission would hold 45% of the firm post-takeover, Mission said that the terms "do not fully reflect the inherent value" of the firm.

It added that earlier this year, it set out how it expects to realise value for Mission’s shareholders through its standalone strategy and execution of the group’s value restoration plan, which is "now well underway".

The digital marketing firm said that its shareholders are "urged to take no actions at this time".

---