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FitzWalter says 400p a share offer for Auction Technology is final
(Sharecast News) - FitzWalter Capital said on Wednesday that it would not be improving a 400p a share takeover proposal for online auction operator Auction Technology as it has not been given access to due diligence.
FitzWalter, which is the company's largest shareholder, announced earlier this month that it was considering making an offer at 400p a share.
It said on Wednesday: "FitzWalter has not been granted access to due diligence and confirms that, as a result, the financial terms of the possible offer will not be improved or increased and are final."
The possible offer represents a 48% premium to the undisturbed ATG share price on 2 January and values the group at £491m.
Andrew Gray, partner at FitzWalter, said: "It is uncontroversial to say that a potential buyer who is not able to conduct due diligence will be constrained in their bidding in comparison with a buyer who is. If FitzWalter are not able to access diligence in relation to ATG, it is shareholders who will ultimately miss out."
ATG, which had already rejected 11 takeover proposals from FitzWalter, said on 19 January that the latest 400p a share offer still undervalued the company.
Under UK takeover rules, FitzWalter has until 1700 GMT on 2 February to announce a firm intention to make an offer or walk away.
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