London-listed Auction Technology Group has 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.
Its board has said that it is time for FitzWalter either to make a fairer proposal or otherwise allow the business to continue to move forward.
ATG said the first proposal it received did not include financial terms and was rejected unanimously.
It then received a further 10 proposals, with ATG noting that “many of which were at the same proposed offer price”, which it believes does not suggest FitzWalter is working towards a deal the board could recommend.
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”.
Despite those concerns, ATG said its management team and board have “consistently and constructively engaged” with FitzWalter in recognition of its position as the company’s largest shareholder.
The business said it had preferred to keep discussions private, but decided to make a statement after FitzWalter’s latest proposal included an “irrevocable” commitment to publicly announce the terms and nature of its proposals on 12th January.
ATG is now asking FitzWalter to either submit a firm offer that reflects fair value or confirm it does not intend to proceed, so the business can operate without “unnecessary constraints and restrictions”.
“ATG remains confident about achieving its ambitions as a publicly listed company and delivering significant shareholder value,” said Scott Forbes, chair of ATG.
“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.”
In the same update, the firm stated its confidence in its standalone strategy as an online second-hand marketplace operator, highlighting its technology, inventory and platform tools.
It also pointed to ongoing product enhancements intended to improve user experience, including taxonomy, search, discovery and recommendations, alongside services such as atgPay and atgShip, which support connectivity between buyers and sellers.
The company also referenced its August 2025 acquisition of US business Chairish, describing it as “instrumental” in accelerating marketplace scale in the US.
Its share price is up by over 20% to 386p in early trading today and its market cap currently sits at £395.28 million.