Auction Technology Group (ATG) has moved closer to a potential takeover after FitzWalter Capital said it is considering an astonishing 12th approach to acquire the company.
The group’s largest shareholder is plotting a cash offer of 400p per share, valuing the London-listed firm at £491 million.
The latest proposal represents a 48% premium to ATG’s undisturbed share price of 270p on 2nd January and marks an escalation in a long-running standoff between the company and its biggest investor.
That 270p share price has now been dwarfed, with the FTSE firm’s shares currently trading at around 365p as of 1:30pm today.
It has once again been boosted by an update in the saga, with its stock up by over 13% so far today.
FitzWalter has made repeated approaches in recent months, with ATG confirming earlier this month that it had rejected 11 proposals since September 2025, including an offer of 360p per share on 23rd December 2025.
Its board described the bids as “unsolicited, opportunistic and highly conditional”, insisting they “fundamentally undervalue” the group and its prospects.
However, FitzWalter has now gone on the offensive, questioning ATG’s recent performance and strategy, and urging shareholders to push the board into discussions ahead of a 2nd February deadline under the Takeover Code.
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In a fresh statement this week, the private investment firm claimed ATG’s core marketplace revenue growth fell to below 1% in FY25, while its gross merchandise value (GMV) has dropped by 8%, 20% and 21% over one, two and three years respectively.
It also said adjusted EBITDA declined by 4% year-on-year in FY25, the first fall since the London firm’s IPO in 2021, and pointed to rising central overheads and weaker profitability in its Art and Antiques division.
The investor also renewed criticism of ATG’s $100m acquisition of Chairish, a US-based marketplace, highlighting $15m of transaction and integration costs tied to the deal.
FitzWalter previously described the purchase as value-destructive, noting ATG’s share price fell sharply when the deal was announced.
On the latest offer, Andrew Gray, partner at FitzWalter Capital, said: “We value and respect the opinions of other shareholders.
“Our proposal would give shareholders certainty to realise a cash offer at an attractive premium, compared to trusting a Board that has consistently failed to deliver shareholder value.
“We urge all shareholders to compel the board to engage with FitzWalter in order to deliver a transaction.”
ATG has not yet said whether it will engage with the revised terms.
FitzWalter added that there is no certainty a firm offer will be made, but said it believes the 400p proposal is a basis for constructive talks.
If a deal does not emerge, it has warned shareholders risk “further value destruction” if the company continues under its existing strategy and board leadership.