Auction Technology Group pushes again on ELEVEN takeover makes an attempt by its largest shareholder

Online auction company Auction Technology Group has told investors it has rejected eleven takeover bids by its largest shareholder over the past four months.

Investment firm FitzWalter has made several ‘unsolicited, highly conditional proposals’ which ‘undervalue’ the company, according to ATG.

The most recent proposal, received on 23 December, valued ATG at 360p per share in cash. 

The firm had been trading at around 285p per share at the time of the proposal. Shares jumped nearly 20 per cent on today’s open to 322p.

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The ATG board said the 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.’

Chair Scott Forbes said the ATG board had undertaken ‘significant engagement’ with FitzWalter.

Since 11 September 2025, ATG has received eleven separate proposals from FitzWalter, the first of which did not include financial terms and was ‘unanimously rejected by the ATG board.’

Forbes added: ‘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’s full-year results, published last month, came in slightly ahead of expectations despite a large accounting charge of $150.9million that pushed it into the red.

It said it expects revenue growth of between 4 and 5 per cent, driven by value-added services.

FitzWalter’s takeover attempts will add to fears that, despite a strong end to the year for the London stock market, there could be more takeovers on the horizon.

At the end of 2025, doorstep lender International Personal Finance became the latest firm to be bought by a foreign buyer.

It agreed a £543million takeover by New York hedge fund Basepoint Capital, just days after Janus Henderson agreed to a £5.5billion takeover led by Wall Street billionaire Nelson Peltz.