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Auction Technology Group PLC on Monday noted suitor FitzWalter Capital Ltd’s decision to not make an offer for the company, with its shares trading lower in response. Shares in the London-based auction market operator were down 7.4% at 286.00 pence on Monday morning in London. The stock is now down 53% over the past 12 months. On Monday, FitzWalter Capital said it was informed on Friday that its proposed 400p per share offer was unanimously rejected by the board of Auction Technology. FitzWalter said it has decided not to make another offer ‘in light of the board’s rejection and refusal to facilitate access to due diligence’. On Wednesday last week, FitzWalter had said it would not be increasing its offer owing to not being granted access to due diligence information by Auction Technology. At the time, 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 Auction Technology’s board said it would recommend a higher competing offer, a third party announced a possible bid, or the UK Takeover Panel granted consent in exceptional circumstances. Under the takeover code, FitzWalter had until Monday to announce a firm intention to bid or walk away, unless the deadline was extended. The week prior, Auction Technology said no expressions of interest from FitzWalter moved beyond the exploratory stage and no non-disclosure agreement was signed by either party. Back in mid-January, Auction Technology said it unanimously rejected a possible £491 million offer from FitzWalter. It stated the indicative offer ‘fundamentally undervalued the company and its future prospects’. On Monday, Auction Technology noted FitzWalter’s decision to walk away. ‘The board is grateful for the substantial engagement of its shareholders and the support of its customers and employees throughout this process and looks forward to continuing its constructive dialogue with FitzWalter.’ FitzWalter has a 21% stake in Auction Technology. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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