Auction Technology rejects 11 takeover bids from shareholder FitzWalter Capital

(Sharecast News) - Online auction operator Auction Technology said on Monday that it has rejected 11 unsolicited buyout proposals from its largest shareholder FitzWalter Capital. The most recent proposal received on 23 December 2025 at 360p per share in cash was rejected on the basis that it "fundamentally" undervalues the company, it said. The price represented a premium of about 33% to the closing share price on 2 January 2026.

"The ATG board believes that FitzWalter's proposals represent an opportunistic attempt to acquire the company at a time when ATG's public market valuation is currently disconnected from the company's fair value," it said.

Under UK takeover rules, investment firm FitzWalter has until 1700 GMT on 2 February to either announce a firm offer or walk away.

Chair Scott Forbes said: "ATG remains confident about achieving its ambitions as a publicly listed company and delivering significant shareholder value. As a sector leader, ATG is in a strong position to extend its leadership and expand its footprint to capture more of the under-served and significant TAM for curated second-hand goods.

"The board has undertaken significant engagement with FitzWalter over the past four months. The board believes FitzWalter's proposals fundamentally undervalue the business and that it is time for FitzWalter either to make a proposal which reflects fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy."

FitzWalter Capital is a private investment firm headquartered in London, with offices in New York and Hamburg. It manages $2.4bn on behalf of long-term pension and superannuation funds, sovereign wealth funds, endowments and foundations, asset managers, consultants and family offices.

At 1555 GMT, ATG shares were up 25% at 338p.

Russ Mould, investment director at AJ Bell, said: "Usually being rejected a couple of times would send a sufficiently strong message that interest is unwelcome, but Auction Technology's largest shareholder appears reluctant to give up on a buyout despite 11 proposals being rebuffed.

"The online auction platform has not had a particularly happy time on the stock market, trading way below its IPO price and at just a fraction of the levels it reached in 2021.

"It argues the current market valuation is disconnected from the company's 'fair value'. However, the wider shareholder base may be swayed by FitzWalter Capital's eagerness unless the company can begin to demonstrate it can deliver on its potential.

"A move online has increased the scope of auctions from the days when smaller auction houses were limited in the number of buyers they could accommodate due to physical space.

"Auction Technology can also benefit, in theory, from a network effect by offering quality items which attract quality bidders, which in turn attract more sellers of quality items and so on.

"However, poorly performing acquisitions, increased debt and uneven operating performance have created scepticism among investors, and it will be interesting to see if FitzWalter returns to test the resolve of shareholders before the early February deadline to put up or shut up."