- Rejected possible all-share offer for Mission Group
- Combined entity would have market value of £58mn
- Material potential synergies
London-based social and digital media group Brave Bison (BBSN:2.5p) has announced a possible all-share offer for UK advertising and marketing specialist Mission Group (TMG: 24p).
The indicative offer of 11.5 new Brave Bison shares for every one share held in Mission values the company’s equity at £26.7mn (29p), a discount to its last reported book value of £76.5mn (85p). In the 2023 financial year, Mission reported a drop in underlying cash profit from £12.1mn to £10.6mn, but house broker Canaccord Genuity is forecasting a recovery to £13.1m in the current financial year.