Auction Technology has rejected a series of buyout proposals from top shareholder FitzWalter Capital, saying they significantly undervalue the British online auction operator and its prospects.
London-based investment firm FitzWalter’s latest proposal of 360 pence per share in cash values Auction Technology at about 436 million pounds ($585 million), according to Reuters calculations.
Shares in Auction Technology, which connects buyers and sellers of antiques and art through auction and listing platforms, jumped as much as 25% to 338 pence on Monday. They lost nearly half their value in 2025.
The bid marks the first takeover interest in a UK-listed company announced in 2026. UK companies in recent years have been among the most targeted by buyers looking to snap up firms trading at steep discounts.
“The ATG board … believes that the repeated approaches, many of which were at the same proposed offer price, do not indicate an intention from FitzWalter to work towards a recommendable transaction,” the company said in a statement.
FitzWalter, which holds a 21% stake in Auction Technology according to LSEG data, has made a total of 11 bids since talks started in September, Auction Technology said, calling the approaches “opportunistic”.
FitzWalter confirmed the bids, but said Auction Technology had pre-emptively disclosed its approach and had failed to provide shareholders with the full details.
It accused the company’s board of refusing to engage constructively or provide it with access to due diligence, while also criticising Auction Technology’s management for acquiring U.S.-based online marketplace Chairish and allowing “cost-driven margin declines”.
Auction Technology bought Chairish last year for about $85 million to expand in the arts and antiques market.
FitzWalter faces a February 2 deadline to either make a firm offer or walk away under UK takeover rules.
Source: Reuters.com