Auction Technology Group (ATG) has rebuffed a twelfth acquisition offer from its largest shareholder, FitzWalter Capital, valued at approximately £491m.

The offer, which comprises £4 per ATG share, comes after the auction technology firm rejected 11 unsolicited offers from the private equity firm at the end of 2025.

The rejections led to FitzWalter publicly criticising ATG, citing how the technology firm’s share price has dropped by over 55% in the last five years.

ATG received the twelfth offer on 16 January and the board met on 18 January to consider the offer. It unanimously concluded that the £4 per share offer "fundamentally undervalued" the company and its future prospects.

As a result, the technology firm has "strongly advised" its shareholders to take no action and will provide an update at its AGM trading update on 22 January.

Under takeover rules, FitzWalter has until 2 February to make a firm intention to make an offer for ATG.

Following the update by ATG, its share price dropped by over 3%.

Chair at ATG, Scott Forbes, concluded: "The board will continue to act in the best interests of all stakeholders and remains confident in ATG's standalone prospects. We have valued the constructive engagement with our shareholders over the last few weeks.

"The board, mindful of its fiduciary duties, stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented to it. The board firmly believes that FitzWalter's latest proposal fundamentally undervalues ATG and its future prospects."

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