Published: January 12, 2026 at 10:19 am
An investor which has seen 11 takeover bids rebuffed by Auction Technology Group has slammed the London-listed firm over ‘extreme shareholder value destruction’.
ATG rejected a series of “unsolicited, opportunistic and highly conditional” approaches from FitzWalter Capital Limited, its largest shareholder, about a possible cash offer for the shares it does not already own.
The firm, which is also headquartered in the capital, said its board has unanimously rejected 11 proposals since 11th September 2025, including the latest approach on 23rd December 2025 at 360p per share, arguing they “fundamentally undervalue” the business and its prospects.
The company said it views the repeated approaches as an opportunistic attempt to buy the business while its market valuation is “currently disconnected from the company’s fair value”.
Now FitzWalter Capital has hit back, saying: “The words of the board ring hollow, having presided over such extreme shareholder value destruction.”
It pointed out the fact that ATG’s share price has declined 51%, 46%, 64% and 82% over one, two, three and four years, respectively.
It also pointed to the $100 million acquisition of Chairish, which was a loss-making business. The share price of ATG – chaired by Scott Forbes (pictured) – fell by 21.7% on the day that the deal was announced.