Mission Group PLC on Tuesday said it is evaluating a new possible bid proposal from Brave Bison Group PLC.

‘While the board’s preliminary view is the revised possible offer does not reflect Mission’s contribution to the proposed combined group, the board, together with its financial and legal advisers, is evaluating the revised possible offer and a further announcement will be made in due course,’ the company said in a statement.

On Monday, Brave Bison said it had on May 25 submitted revised terms for a possible offer for Mission worth around 35.1 pence per share or £32.3 million in total.

Shares in Mission Group were up 4.2% to 25.52 pence in London early Tuesday, giving the company a market capitalisation of £23.5 million. Brave Bison was down 2.0% to 2.40p for a £30.9 million market cap.

The terms of the revised proposal are 13.9 Brave Bison shares for each Mission share.

Brave Bison said the revised proposal implies an enterprise value for Mission of £59.1 million, inclusive of £26.8 million net debt.

The proposal represents a 21% increase from Brave Bison’s initial approach of 29.04p per share, or £26.4 million.

Brave Bison said the revised plan includes a partial cash alternative for a maximum of 50% of the offer value.

Brave Bison said it was also seeking an extension to the deadline by which it is required to make a bid from June 9.

‘Without an extension to the deadline, Brave Bison does not believe the possible offer can be progressed further,’ Brave Bison stated.

Mission Group told shareholders to take no action at this stage.

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