Auction Technology Group PLC (LSE:ATG) suitor and largest investor FitzWalter Capital said it has decided not to bid for the company, after having a series of bids turned down.
The latest offer was pitched at 400p per share but was rejected by the ATG board, which felt it did not reflect the company’s future prospects, following 11 previous proposals from the Mayfair-based investment firm over the past four months.
Today was the put-up-or-shut-up deadline for FitzWalter, which revealed last week that as it had not been granted access to due diligence it would not improve or increase the offer.
"In light of the board's rejection and refusal to facilitate access to due diligence, FitzWalter confirms that it does not intend to make an offer for ATG," it said in a short statement.
Under the takeover code, FitzWalter and its concert parties are prohibited from making an offer for ATG for six months, except in agreement from ATG’s board, a third-party firm offer, a reverse takeover, or a material change in circumstances.