Mission Group has knocked back an increased bid by digital marketing agency Brave Bison that valued the company at £32.3m.

The latest offer valued each Mission share at approximately 35p, up from a previous bid valued at 29p per share in May.

Brave Bison, backed by entrepreneur Steven Bartlett, offered £27m for the company last month, which at the time Mission said was “opportunistic and significantly undervalues the group and its prospects”.

Earlier this week, Mission revealed it was “evaluating” the latest offer but has today suggested it “does not fully reflect the inherent value” in the group, which has seen a 62.1% rise in the firm’s share price from when it launched a cost-cutting “operational review” last October until the start of the offer period.

The digital marketing firm also said the new offer still “undervalues the contribution of Mission to the proposed combined group”.

In a statement released today, Mission said: “As previously announced, the board of Mission is open to proposals that it believes would enhance shareholder value and deliver benefits to Mission’s shareholders. The board of Mission does not consider the terms of the revised possible offer to meet those criteria.”

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