Fitzwalter backs off Auction Tech after hostile bidding campaign
Investment giant Fitzwalter has backed off Auction Technology Group after a hostile campaign between the two led to 13 different takeover attempts of the latter.
The London-headquartered said on Monday ATG’s Board had unanimously rejected its proposed offer of 400 pence per share.
The offer sat above the UK market median for similar cash transactions and matches the average premium for 1-month volume weighted prices, Fitzwalter said when it made the “final” proposal last week.
Under UK Takeover Code rules, the investment firm had until 5:00 p.m. on 2 February to either commit to a firm offer or walk away from the process entirely.
But on Monday morning Fitzwalter told markets it did not intend to make a firm offer.
The investor doubled down on previous accusations that the board failed to “facilitate access to due diligence” restricting its ability to make an offer.
Andrew Gray, partner at Fitzwalter Capital, said last week: “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”.
Liontrust weighs in on ‘opportunistic’ Fitzwalter
It follows ATG telling markets at the beginning of January it had fended off numerous takeover proposals from the investment firm, which “fundamentally undervalued” the company.
The firm – which connects thousands of auction houses with bidders worldwide for art, antiques, industrial goods – said it has received 11 proposals from Fitzwalter since 11 September 2025.
Last week, the row heated up with Liontrust Asset Management, ATG’s second-largest shareholder with a stake of ten per cent, branding a 400p a share proposal as not adequate “even when assessed over a short time horizon.”
It added the move was made at an “opportunistic timing at a depressed point in the cycle”.
Under UK Takeover Code rules, the investment firm now has until 5:00 p.m. on 2 February to either commit to a firm offer or walk away from the process entirely.