Published: January 19, 2026 at 9:18 am
Auction Technology Group has rejected a fresh takeover approach from its largest shareholder FitzWalter Capital, saying the latest 400p-per-share proposal still undervalues the business.
In a statement released today, the business said it had not received a formal letter setting out the full terms of FitzWalter’s indicative £491 million cash offer, with FitzWalter’s adviser Macquarie Capital confirming it would not provide one and that the board should make its own assumptions about the conditions attached.
After meeting on 18th January, the board said it had unanimously concluded that the offer “fundamentally undervalued” ATG and its future prospects, advising shareholders to take no action.
The latest development comes days after FitzWalter made a remarkable 12th approach for the London-listed business.
The bid marked a 48% premium to the firm’s undisturbed share price of 270p on 2nd January, although the stock has since climbed sharply and is now trading at over 350p.