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Auction Technology rejects improved takeover proposal from FitzWalter
(Sharecast News) - Auction Technology said on Monday that the latest takeover proposal from its largest shareholder, FitzWalter Capital, at 400p a share, continues to undervalue the business. FitzWalter announced on Friday that it was considering making an offer that values the online auction operator at £491m and represents a premium of about 48% to the undisturbed share price on 2 January.
The private equity firm had already made 11 takeover approaches to ATG, the last of which at 360p a share was rejected on the basis that it fundamentally undervalued the company.
ATG said on Monday: "The board, together with its advisers, met on 18 January 2026 to consider the indicative offer.
"The board unanimously concluded that the indicative offer fundamentally undervalued the company and its future prospects. ATG shareholders are strongly advised to take no action at this time."
The company said it will provide an update on its progress as part of the AGM trading update on 22 January.
Under UK takeover rules, FitzWalter has until 2 February to either announce a firm intention to make an offer or walk away.
At 0845 GMT, ATG shares were down 2.9% at 351.50p.
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