Auction Technology Group’s largest shareholder tables twelfth bid price £491m
The biggest shareholder in Auction Technology Group (ATG) has launched a 12th takeover bid for the company – raising its offer to £491m.
FitzWalter Capital, which owns almost 22 per cent of the online auction business, tabled a fresh offer of 400p a share as it stepped up its battle to win control. ATG shares jumped 12.6 per cent, or 40.5p, to 362p.
The latest proposal followed the rejection of 11 earlier offers, including the most recent bid of 360p a share on December 23. FitzWalter urged ATG shareholders to press the board into entering talks to secure a deal.
Tenacious: FitzWalter Capital tabled a fresh offer of 400p a share as it stepped up its battle to win control
The investment company, noting the slump in the ATG share price – down around 40 per cent in the past year and 80 per cent since its 2021 peak – accused the board of ‘value destruction’.
Andrew Gray, a partner at FitzWalter, said yesterday: ‘We urge all shareholders to compel the board to engage with FitzWalter.’
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