Brave Bison, the digital media group, has received acceptances covering just 35.2% of System1's shares as its takeover offer enters its final week.
The acceptance deadline is 1pm on 26 October 2026, and Brave Bison needs to pass the 50% threshold to declare the offer unconditional.
Of the 35.2% counted toward the acceptance condition, 27.85% represents Brave Bison's existing stake in System1, the marketing intelligence company it is seeking to acquire in full.
Valid acceptances from other shareholders stand at just 7.35% of System1's issued share capital.
Brave Bison said it had been advised that several shareholders who gave irrevocable undertakings, including members of the Barden family, had instructed their service providers to accept but that it could not yet confirm those instructions had been executed.
Irrevocable undertakings to accept cover approximately 10.73% of System1's share capital, with letters of intent covering a further 1.09%.
The final offer, announced on 7 October, comprises 180 pence in cash, 2.394 new Brave Bison shares and one contingent value right that may deliver a further 20 pence in cash.
The implied value of the offer, excluding the contingent value right, is 405 pence per System1 share.
System1 shareholders who have not yet accepted are urged to do so before the 26 October deadline, either by returning a completed acceptance form for certificated shares or by making an electronic acceptance through CREST for uncertificated shares.
Shareholders with questions can contact MUFG's helpline on 0371 664 0321 or at shareholderenquiries@cm.mpms.mufg.com.
