Auction Technology Group has unanimously rejected eleven unsolicited proposals from its largest shareholder FitzWalter Capital Limited, calling the approaches “opportunistic” and undervaluing the online marketplace operator.
The proposals, received since 11 September 2025, culminated in the most recent offer of 360 pence per share in cash dated 23 December. ATG’s board concluded that each proposal “fundamentally undervalued” the company and its future prospects.
The board believes the repeated approaches – many at identical prices – demonstrate FitzWalter is attempting to acquire the company whilst its public market valuation remains “disconnected from the company’s fair value” rather than working towards a recommendable transaction.
Given the proposals never reached recommendable levels, FitzWalter was not granted access to non-public due diligence. ATG is in a difficult position because FitzWalter is a major shareholder and it is obliged to engage, even though it rejects the proposals.
ATG remains confident in its standalone prospects as a publicly listed company, highlighting its recent acquisition of Chairish in August 2025 and ongoing platform enhancements.
“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,” said Scott Forbes, Chair of ATG.
“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.”