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FitzWalter Capital Ltd on Wednesday said its possible offer for Auction Technology Group PLC will not be increased as it has not been granted access to due diligence. The firm confirmed that its ‘final possible offer’ for the auction operator stands at 400 pence per share, valuing ATG at a 48% premium to its undisturbed share price on January 2. The bidder said it is unable to improve terms without access to due diligence, and stressed that the financial terms would not be increased unless ATG’s board said it would recommend a higher competing offer, a third party announces a possible bid, or the Takeover Panel granted consent in exceptional circumstances. FitzWalter noted the premium is in line with UK market medians for recent cash deals. Under the takeover code, FitzWalter must announce a firm intention to bid or walk away by February 2, unless the deadline is extended. ‘It is uncontroversial to say that a potential buyer who is not able to conduct due diligence will be constrained in their bidding in comparison with a buyer who is. If FitzWalter are not able to access diligence in relation to ATG, it is shareholders who will ultimately miss out,’ said FitzWalter Capital Partner Andrew Gray. Last week, Auction Technology said no expressions of interest from FitzWalter moved beyond the exploratory stage and no non-disclosure agreement was signed by either party. Auction Technology said it provided a 10-page presentation based on publicly available information to FitzWalter as a ‘teach in’ on its Industrial & Commercial division. It added no formal terms were provided by either counterparty and that it remained fully confident in the prospects of the company. Auction Technology said: ‘The board continues to believe it is time for FitzWalter either to make a proposal which reflects fair value for ATG and its future prospects or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy.’ Last Monday, Auction Technology said it unanimously rejected a possible £491 million offer from FitzWalter. The indicative offer ‘fundamentally undervalued the company and its future prospects’, it said, and it ‘strongly’ advised shareholders to take no action. Shares in Auction Technology Group were down 3.4% at 309.50 pence on Wednesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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