The Auction Technology Group PLC (LSE:ATG) board has rejected a bid from private equity firm FitzWalter Capital, pitched at 400p per share cash.
London-based FitzWalter made an indicative proposal last Friday, 16 January, and ATG's board met on 18 January to consider the proposal, where they concluded unanimously that the indicative offer did not reflect the company’s future prospects.
In a statement on Monday morning, shareholders were advised to take no action at this time.
Chair Scott Forbes said: "The board will continue to act in the best interests of all stakeholders and remains confident in ATG's standalone prospects."
He added that the board remains open to engaging with FitzWalter or any other party if a fair value proposal is put forward.
The put-up-or-shut-up deadline for FitzWalter is 5pm on 2 February 2026.
ATG, which operates digital marketplaces for curated online auctions, supporting auctioneers across multiple sectors, was valued at £438 million at the last closing price of 362p on Friday, after the shares jumped over 12% on the day.
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