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.
FitzWalter, headquartered in London, has repeatedly pushed to buy the company in recent months, with ATG confirming earlier this month that it had rejected 11 proposals since September 2025.
ATG’s board has described the offers as “unsolicited, opportunistic and highly conditional”, arguing they do not reflect the company’s longer-term value.
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However, FitzWalter has ramped up pressure publicly, questioning the company’s recent performance and urging shareholders to push the board into talks ahead of a 2nd February deadline under the Takeover Code.
In its latest statement, FitzWalter claimed the firm’s core marketplace revenue growth was below 1% in FY25 and said gross merchandise value has fallen over one, two and three years.
The investor also pointed to a 4% year-on-year decline in adjusted EBITDA in FY25, as well as rising central overheads and weaker profitability in the group’s art and antiques division.
FitzWalter has also criticised ATG’s $100m acquisition of US marketplace Chairish, highlighting $15m of transaction and integration costs and renewing its view that the deal damaged shareholder value.
This has left ATG undeterred, with the latest bid rejected again.
“The board will continue to act in the best interests of all stakeholders and remains confident in ATG’s standalone prospects,” said Scott Forbes, chair of ATG.
“We have valued the constructive engagement with our shareholders over the last few weeks. The board, mindful of its fiduciary duties, stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented to it.
“The board firmly believes that FitzWalter’s latest proposal fundamentally undervalues ATG and its future prospects.”
The business said it will provide an update on its progress later this week as part of its AGM trading update on 22nd January.
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