Brave Bison, a digital media and martech company listed on AIM, is in talks with Mission Group regarding a potential takeover. The company, known for acquiring Social Chain, founded by Steven Bartlett, has proposed an all-share takeover offer for Mission Group, also listed on AIM.
Currently, Brave Bison is engaging with Mission’s board and major institutional shareholders to seek support for the deal, which is still at the possible offer stage. Mission’s board has not yet granted Brave Bison access to conduct due diligence.
Brave Bison’s board believes that a merged entity would be a more attractive investment opportunity for institutional shareholders, potentially leading to a higher earnings multiple. If the deal is successful, the combined entity would have revenue of around £120m and adjusted earnings of £14m for the fiscal year 2023.
Mission Group, with outstanding debts of £30m as of December 2023, has embarked on a turnaround plan. Despite its challenges, Mission owns 19 agencies, including Krow, Story, Soul, Livity, Bray Leino, and Turbine, serving a wide range of clients.
Brave Bison, with clients like New Balance, Currys, and Asus, believes that its net cash position of £7m would strengthen Mission’s financial position, improving its balance sheet and debt ratios. Oliver Green, Theo Green, and Philippa Norridge joined Brave Bison as executives in 2020, with Lord Ashcroft as a major investor.
The potential merger between Brave Bison and Mission Group holds promise for both companies, their shareholders, clients, and employees. The acquisition spree by Brave Bison includes companies like The Hook, Best Response Media, Greenlight Commerce, and Social Chain. The Green brothers also recently supported the launch of Tangent’s AI division with a £5m investment.
Overall, this move signifies a significant development in the digital media and martech landscape, with potential implications for the industry’s future growth and consolidation.
