MISSION GROUP is evaluating a raised takeover proposal by rival digital marketing agency Brave Bison after rejecting its initial proposal last month, with a preliminary view that the new bid is also inadequate.

The London-listed firm confirmed yesterday that Brave Bison submitted a raised bid on 25 May, priced at around 35.1p per Mission share and valuing the company at £32.3m.

The proposal would offer a partial cash alternative of up to 50 per cent of the offer price.

Its new proposal is up from a price of 29p per share and £29m valuation in Brave Bison's initial approach at the end of April, which Mission rejected. Mission said the first proposal was "opportunistic and significantly undervalues the group and its prospects".

Mission said that it would announce a decision on the bid "in due course" but was of the "preliminary view" that it "does not reflect Mission's contribution to the proposed combined group".

Shares in the Mission Group soared to close up 14.29 per cent.

(c) 2024 City A.M., source Newspaper