Shares in Auction Technology Group PLC (LSE:ATG) rose 21% to 326p on Monday after the company revealed it had rejected a series of takeover proposals from FitzWalter Capital, including a most recent cash offer of 360p per share.
The board said it had received 11 unsolicited and highly conditional proposals from the Mayfair-based investment firm, its largest shareholder, over the past four months.
Each one, it said, “fundamentally undervalued” the business.
FitzWalter’s latest proposal, made just before Christmas, came with a commitment to make its intentions public by 12 January. In response, the board has urged the investor to either put forward a formal bid at a price reflecting fair value or walk away.
Scott Forbes, ATG’s chair, said: “The board believes FitzWalter's proposals fundamentally undervalue the business and that it is time for FitzWalter either to make a proposal which reflects fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy.”
The company, which operates a series of online marketplaces for curated second-hand goods, said it remained confident in its prospects as an independent, listed company.
It pointed to the recent acquisition of Chairish, described as the second-largest US brand in its sector, as a key step in expanding its footprint and customer base.
ATG also said it had made “substantial progress” on operational synergies following the deal and expects further growth through technology and platform improvements, including AI-driven search and recommendation tools.
A trading update is due at its AGM on 22 January.