Auction Tech fends off 11 takeover bids from largest shareholder
Digital marketplace Auction Technology Group has fended off 11 hostile takeover bids from its largest shareholder.
The London-listed tech firm said on Monday it had dismissed the latest offer from investment giant FitzWalter Capital, which valued ATG at 360p per share.
ATG said the bid – which was received on 23 December – “fundamentally undervalued” the company and branded the proposal opportunistic.
The group’s stock rose 20 per cent on the news this morning to 321.25p but it follows a bruising year for the firm, where its share price was slashed over 40 per cent.
ATG has called for FitzWalter to make a firm offer on terms “which reflect fair value” or confirm its intention not to make a bid.
Under UK takeover rules, FitzWalter now has until 5:00 pm on 2 February 2026 to either announce a firm intention to make an offer or walk away.
Auction Tech’s stock woes
Scott Forbes, chair of ATG said, the company’s board had undertaken “significant engagement” with FitzWalter in recent months but added “it is time” for the investment giant to make a firmer decision on a proposal.
The firm – which connects thousands of auction houses with bidders worldwide for art, antiques, industrial goods – said it has received 11 proposals from FitzWalter since 11 September 2025.
The board said it did not believe FitzWalter was seeking to work “towards a recommendable transaction” with the proposals reflecting “a time when ATG’s public market valuation is disconnected from the company’s fair value”.
ATG’s stock took a battering last August after the group added to its debt pile with the acquisition of furniture marketplace Chairish in a $85m (£64m) deal.
The company said it had extended its revolving credit borrowing capacity to $275m alongside the deal, which was funded by a combination of cash and debt.
Shares sank as much as 21 per cent as markets opened after the acquisition of the 12-year-old e-commerce firm.