Brave Bison agreed a strategic investment into System1 earlier this year by way of a share-for-share exchange with John Kearon, founder and largest shareholder at System1.

Overall, Brave Bison owns 28% of the company, equivalent to 3,534,010 shares.

The latest offer was for the remaining 72% of System1 not already owned by Brave Bison. Kearon currently owns 8% of System1.

Brave Bison said in a statement on the London Stock Exchange that the System1 board engaged constructively with its first approach to buy the business, despite the offer being rejected last month, with Brave Bison being granted access to focused due diligence information and System1’s management team, led by chief executive James Gregory.

The company has put forward a possible offer that represents a 10% increase on the previous all-share proposal, with a cash element added following feedback from the System1 board.

If an offer to buy System1 was agreed, Brave Bison said it would restructure the business around three operating divisions: marketing effectiveness, marketing excellence and marketing delivery.

The combined company would have net revenues of £79m, as well as adjusted EDITDA (earnings before interest, taxation, depreciation and amortisation) of £14m on a pro-forma basis.