DIGITAL advertising group Brave Bison has abandoned its attempts to take over Mission Group, criticising the firm for refusing to engage in "constructive dialogue".

The AIM-listed firm submitted two bids for Mission Group. Last week, Mission Group said the offer was "opportunistic and significantly undervalues the group". It argued that Mission shareholders would be under-represented in the combined group.

In a statement yesterday, Brave Bison confirmed it would not submit another offer. It said Mission's board had rejected "attempts for constructive dialogue and chose not to provide access to due diligence information or key management personnel".

In response, Mission said it expects to realise value through its standalone strategy. "The board of Mission also remains confident that during the remainder of the year, it will deliver on its plan to reduce leverage".

Shares in Mission Group plunged following the news to close down 11.11 per cent. Shares in Brave Bison closed just over one per cent in the red.

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