Auction Technology Group plc (LON: ATG) is currently at the center of a takeover attempt by FitzWalter Capital Limited, its largest shareholder.
The ATG board said it has rejected eleven unsolicited proposals from FitzWalter, deeming them as fundamentally undervaluing the company.
The most recent proposal, received on December 23, 2025, offered 360 pence per share in cash. ATG's board firmly believes that FitzWalter is attempting to seize the company at a time when its public market valuation fails to reflect its true worth.
Despite the unsolicited nature of the offers, ATG management and the board have engaged constructively with FitzWalter, acknowledging their position as the company's largest shareholder. FitzWalter has committed to announcing the terms of its proposals by January 12, 2026, prompting the ATG board to request a firm offer that reflects fair value or a confirmation of withdrawal.
ATG remains confident in its ability to deliver long-term shareholder value as a publicly listed entity. An update on the company's progress is scheduled for the AGM Trading Update on January 22, 2026.
Scott Forbes, Chair of ATG, commented, “ATG remains confident about achieving its ambitions as a publicly listed company and delivering significant shareholder value. As a sector leader, ATG is in a strong position to extend its leadership and expand its footprint to capture more of the under-served and significant TAM for curated second-hand goods.”
Since September 11, 2025, FitzWalter has submitted eleven proposals, the first lacking financial terms. The subsequent ten proposals, including the latest at 360 pence per share, have been carefully considered and unanimously rejected by the ATG board.
The board views FitzWalter's repeated approaches, often at the same price, as indicative of an opportunistic strategy rather than a genuine intention to reach a mutually agreeable transaction. Consequently, FitzWalter has not been granted access to non-public diligence information.
ATG's board has expressed its preference for keeping discussions with FitzWalter private. However, due to FitzWalter's commitment to making its own announcement and the lack of progress on headline terms, the board seeks a resolution.
The company highlights its strategic acquisition of Chairish in August 2025, noting that it has secured significant volume of in-market second-hand goods consumers, sellers and inventory.
The ATG Board is confident that it has unlocked a compelling TAM opportunity through the introduction of list price consumers to its range of brands and has made substantial progress in realising early operational synergies that further contribute to attractive investment returns.
Looking ahead, ATG plans to leverage technology, AI, platform and other enhancements to deepen engagement, broaden reach, and deliver sustainable revenue growth.
Analyst Summary: Bull and Bear Cases
Bull Case:
- The board believes the company is fundamentally undervalued by current takeover offers.
- Management is confident in delivering long-term shareholder value as a public company.
- The recent acquisition of Chairish has unlocked a significant Total Addressable Market (TAM) and is already showing operational synergies.
- Future growth is planned through leveraging technology, AI, and platform enhancements to drive revenue.
Bear Case:
- The company faces a persistent takeover attempt from its largest shareholder, creating uncertainty.
- FitzWalter's repeated low-ball offers suggest they perceive the company as vulnerable and opportunistically undervalued.
- The current public market valuation is acknowledged by the board to be low, posing a risk to investor returns.
- The ongoing conflict could distract management and disrupt strategic execution.
FitzWalter has until 5.00pm on February 2, 2026, to announce a firm intention to make an offer or confirm its intention not to do so.
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