Mission Group rejects 29p a share takeover offer from Brave Bison

13th May 2024 07:22

(Sharecast News) - Digital marketing agency Mission Group said on Monday that it had rejected a takeover proposal from rival Brave Bison which valued the group at around 29p a share.

Mission said that on 29 April, it received an all-share unsolicited conditional proposal at an exchange ratio of 11.5 Brave Bison shares for each ordinary Mission share.

Based on the terms of the possible offer and the closing market prices of both companies on that date, the offer valued the group at approximately 29p a share.

"On 8 May 2024, the Board of Mission, following consultation with its financial and legal advisers, unanimously rejected the possible offer which it believes to be opportunistic and significantly undervalues the group and its prospects," the company said.

"Moreover, it is dilutive to Mission's shareholders as it does not reflect the relevant contributions of each party to the proposed combined group."