Fitzwalter Capital Tables Final Takeover Offer for Auction Technology Group
In a dramatic escalation of a months-long corporate battle, Fitzwalter Capital has tabled what it describes as a final cash offer to acquire Auction Technology Group (ATG). The London-based investment firm has proposed a bid of 400p per share, which it claims represents a significant 48 per cent premium over ATG's closing price of 270p on 2 January 2026.
Premium Valuation and Shareholder Warning
Fitzwalter has emphasised that this valuation exceeds the UK market median for comparable cash transactions and aligns with the average premium based on one-month volume-weighted prices. However, the firm issued a stark warning to ATG shareholders, suggesting they could lose out on this lucrative deal if the company's board continues to deny access to private financial data necessary for formal due diligence.
Andrew Gray, a partner at Fitzwalter Capital, stated: "It is uncontroversial to say that a potential buyer who is not able to conduct due diligence will be constrained in their bidding in comparison with a buyer who is. If Fitzwalter are not able to access diligence in relation to ATG, it is shareholders who will ultimately miss out."
Background of Takeover Attempts and Shareholder Backlash
This final offer comes after ATG revealed at the start of January that it had successfully rebuffed multiple takeover proposals from Fitzwalter, which it argued "fundamentally undervalued" the business. The company, which operates a global platform connecting auction houses with bidders for items ranging from art and antiques to industrial goods, disclosed it had received eleven separate proposals from Fitzwalter since 11 September 2025.
The dispute intensified last week when Liontrust Asset Management, ATG's second-largest shareholder with a ten per cent stake, publicly criticised a previous 400p per share proposal. Liontrust branded the offer as inadequate "even when assessed over a short time horizon" and accused Fitzwalter of acting at an "opportunistic timing at a depressed point in the cycle."
Regulatory Deadline and Future Implications
Under the strict rules of the UK Takeover Code, Fitzwalter now faces a critical deadline of 5:00 p.m. on 2 February 2026. By this time, the investment firm must either commit to a firm offer or withdraw entirely from the acquisition process. This ultimatum sets the stage for a decisive moment in this high-stakes corporate standoff, with significant implications for ATG's shareholders and the broader auction technology market.
The ongoing tension highlights the complex dynamics between aggressive acquirers, resistant boards, and influential institutional shareholders in today's competitive investment landscape.
