Home / Business and Economy / FitzWalter's 12th bid: £491m offer for ATG
FitzWalter's 12th bid: £491m offer for ATG
17 Jan
Summary
- FitzWalter Capital increased its offer to £491m for Auction Technology Group.
- The offer is the twelfth takeover bid made by the significant shareholder.
- FitzWalter criticized ATG's board for 'value destruction' due to share price decline.
FitzWalter Capital, Auction Technology Group's (ATG) largest shareholder, has intensified its pursuit of the online auction business with a twelfth takeover bid, now valued at £491 million. The investment firm has put forward an increased offer of 400p per share, signaling its strong desire to gain control.
This latest proposal follows the rejection of eleven prior offers, including a 360p per share bid made recently on December 23. FitzWalter Capital is appealing directly to ATG shareholders, imploring them to encourage the board to enter into discussions to finalize a deal. The company pointed to a substantial drop in ATG's share price, which has fallen approximately 40% in the past year and 80% since its 2021 peak, as evidence of 'value destruction' under the current board.
Andrew Gray, a partner at FitzWalter, emphasized the urgency for shareholders to compel the board's engagement with their offer. The move highlights a persistent battle for control, with FitzWalter Capital aiming to secure ATG amidst its significant market challenges and a notable decline in its stock value.
