London's digital auction marketplace, Auction Technology Group (ATG), has publicly rebuffed a series of eleven unsolicited takeover proposals from its biggest shareholder. The tech firm, which connects auction houses with bidders globally, stated the latest bid fundamentally undervalued the business.
A Year-Long Battle for Control
The company confirmed on Monday, 5 January 2026, that it had dismissed the most recent offer from investment giant FitzWalter Capital. This proposal, received on 23 December 2025, valued ATG at 360p per share. ATG's board branded the approach as opportunistic, arguing it was made at a time when the company's public market valuation was disconnected from its true worth.
Scott Forbes, Chair of ATG, revealed there had been significant engagement with FitzWalter in recent months. However, he stated "it is time" for the investor to make a definitive decision. The board does not believe the proposals were made with the intent to work towards a recommendable deal for all shareholders.
Share Price Rollercoaster and Debt Concerns
The news of the rejected bid sparked an immediate market reaction, with ATG's stock jumping 20 per cent to 321.25p. This surge, however, comes after a punishing period for the company, which has seen its share price fall by over 40% in the past year.
A significant factor in this decline was the market's response to ATG's acquisition of the furniture marketplace Chairish in August 2025. The $85m (£64m) deal, funded by cash and debt, increased the group's borrowing. ATG extended its revolving credit capacity to $275m alongside the purchase. News of the acquisition sent shares tumbling by as much as 21% in a single day.
Takeover Panel Deadline Now in Force
Under UK takeover rules, FitzWalter Capital now faces a strict deadline. The investor must either announce a firm intention to make a formal offer that reflects what ATG calls "fair value", or walk away from the process entirely. This decision must be made by 5:00 pm on 2 February 2026.
ATG has called on its largest shareholder to either present a serious proposal or confirm it will not make a bid, providing clarity for the market and the company's future. The saga, which began with the first of the eleven proposals on 11 September 2025, appears to be reaching a critical juncture.
