BRCK Group shares surged 29% to 52.8p after the AIM-listed company disclosed it had rejected a takeover approach from US private equity firm Atlas Holdings, saying the indicative 65p per share cash offer fundamentally undervalued the business.
Atlas made an unsolicited, non-binding approach to acquire the entire issued share capital of BRCK on 17 February 2026, prompting the board to engage with the bidder under a non-disclosure agreement before receiving a formal indicative proposal on 17 March.
The board unanimously rejected that proposal on 23 March and has since agreed to provide limited further information to Atlas to establish whether it is willing to improve its offer.
The board said it would only enter a detailed due diligence process if Atlas put forward a proposal it would be minded to recommend to shareholders, in order to avoid unnecessary management distraction and costs.
Atlas has until 5pm on 28 April 2026 to either announce a firm intention to make an offer or walk away under Takeover Panel rules, though this deadline can be extended with panel consent.
The board said it remained fully confident in BRCK's prospects as an independent listed company and urged shareholders to take no action at this time.