Fitzwalter has made one final play to snap up Auction Technology Group as tensions flare between the two firms over the Investment giant’s 12 takeover attempts.
The London-headquartered investor tabled a 400p per share cash proposal, which represents a 48 per cent premium to the Auction Technology Group’s (ATG) closing price of 270p on 2 January.
It noted this valuation sits above the UK market median for similar cash transactions and matches the average premium for 1-month volume weighted prices.
The firm warned that shareholders risk missing out on the deal if the ATG board continues to restrict access to the private financial data required for a formal bid.
Andrew Gray, partner at Fitzwalter Capital, said: “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.
