5th Jan 2026 10:00
(Alliance News) - Auction Technology Group PLC on Monday announced it unanimously rejected eleven unsolicited takeover proposals from FitzWalter Capital.
ATG shares jumped 19% to 321.50 pence each on Monday morning in London.
The London-based auction market operator said the most recent proposal on December 23 was at 360 pence per share in cash. It said the board rejected the proposals on the basis that they "fundamentally undervalue" the company. Further, ATG said the proposals were "highly conditional".
"The ATG board believes that FitzWalter's proposals represent an opportunistic attempt to acquire the company at a time when ATG's public market valuation is currently disconnected from the company's fair value," it said.
The firm added that FitzWalter's latest proposal came with an irrevocable commitment to announce the terms and nature of its proposals next Monday. The board requested FitzWalter either "make a firm offer on terms which reflect fair value" or confirm its intention not to make a firm offer.
FitzWalter is required to make a firm offer or confirm no bid by February 2. ATG said it remains confident in its standalone prospects as a publicly listed company.
ATG Chair Scott Forbes said: "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."
ATG said it sees opportunities to continue to leverage technology, artificial intelligence, platform and other enhancements to deliver sustainable revenue growth.
The company is set to provide a trading update when it holds its annual general meeting on January 22.
By Tom Budszus, Alliance News slot editor
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