Mission fends off Brave Bison merger bid

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Digital marketing firm The Mission Group said it has rejected a possible merger bid from rival marketing firm Brave Bison, because the offer doesn’t reflect the value of the business.

Mission Group possible offer

The Mission Group, which has its shares listed on the London Stock Exchange, wrote in a stock market, statement: “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.

“Moreover, it is dilutive to MISSION’s shareholders as it does not reflect the relevant contributions of each party to the proposed combined group.”

Mission’s brands include Krow, SPARK, Influence Sports & Media, Livity and Bray Leino.

The marketing group said its board is open to proposals that it believes would enhance shareholder value and deliver benefits to its shareholders.

However, it added that it (the board) “does not consider the terms of the Possible Offer to meet those criteria.”

Brave Bison now has until 9 June to decide whether it will make a firm offer for The Mission Group.

The Mission Group noted in its stock market statement that it would contribute more than 80% of revenue to the new group under any merger with Bison. Another reason it said it was rejecting the bid.

Mission also said its reported net revenue for 2023 was £86.3 million, whilst Brave Bison’s was just £20.9m.

Mission’s shares were trading 5.7% higher at 24p, on the London market following its rejection of the Bison possible offer.