Brave Bison raises System1 offer acceptance count to 39.67%

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Brave Bison raises System1 offer

Highlights

Brave Bison's increased final offer for System1 comprises 180 pence cash, 2.394 Brave Bison shares, and a contingent value right worth 20 pence per share.
As of 3 p.m. on 15 October 2026, Brave Bison had valid acceptances and interests covering 3,534,010 System1 shares, or 27.85% of issued share capital.
Brave Bison's aggregate support for the System1 offer, including shares owned, acceptances, undertakings, and letters of intent, has reached 39.67% of issued share capital.

Offer terms and latest acceptance position

As reported by London Stock Exchange, citing London Stock Exchange Regulatory News Service, Brave Bison says its increased final offer for the roughly 72% of System1 share capital it does not already own consists of 180 pence in cash, 2.394 new Brave Bison shares and one Bison CVR that may deliver 20 pence in cash. Excluding the contingent value right, the offer has an implied value of 405 pence per System1 share based on the value set out in the final offer announcement.

Brave Bison announced the terms on 7 October 2026 and published the final offer document on 9 October 2026. The company says the financial terms are final and will not be increased, except in limited circumstances including a competing offer, certain System1 announcements under the Takeover Code, or consent from the Panel in wholly exceptional circumstances.

As at 3 p.m. on 15 October 2026, Brave Bison says it had received valid acceptances for 14,465 System1 shares and was interested in 3,534,010 System1 shares, equal to about 27.85% of System1's issued share capital. It also says it had received irrevocable undertakings and letters of intent described in the announcement, representing about 11.82% of issued share capital.

Support level and takeover implications

Brave Bison says it is able to count 3,548,475 System1 shares, or about 27.96% of existing issued share capital, toward satisfying the offer's acceptance condition. Separately, irrevocable undertakings to accept, or procure acceptance of, the final offer cover 1,361,419 System1 shares, representing about 10.73% of issued share capital.

In total, the company says it already either owns, has received acceptances for, or has secured irrevocable undertakings and letters of intent over 5,033,990 System1 shares. That aggregate support amounts to about 39.67% of System1's issued share capital, giving Brave Bison a larger base of backing as it pursues the acquisition.

Our earlier report on activist pressure at Big Yellow explained how Irenic Capital Management and Ancora Holdings each disclosed roughly 4% stakes and urged the UK self-storage group to consider a sale, arguing the shares were undervalued. We noted the push came as the company traded near a multi-year low despite solid results, against a backdrop of broader consolidation across UK listed real estate.

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