Brave Bison raises final offer for System1 to 405p per share excluding CVR

Reuters source 192611 explicitly reports that Brave Bison Group plc announced an increased final offer for System1 Group plc on 7 October 2026. The revised consideration—180 pence in cash, 2.394 Brave Bison shares and one Bison CVR per System1 share—can affect takeover completion probabilities, shareholder outcomes, control of System1 and Brave Bison’s funding and equity obligations. The 405 pence figure is the explicitly reported implied value excluding the CVR, while the £53.4 million figure is the reported implied share-capital value. This is a distinct, forward-looking M&A update from the earlier 360 pence offer and should remain linked to the existing takeover-offer storyline. Only SYS1 and BBSN are approved stakeholders because they are the direct target and bidder; the potential effects on other advertising and marketing-technology companies are indirect, conditional and not sufficiently supported by this specific update.