Highlights

  • FitzWalter Capital announces a possible cash offer of 400p per ATG share, valuing company at 48% premium.
  • Offer remains final without due diligence, but could increase under certain board or third-party actions.
  • Decision on firm intention to bid required by 2 February 2026 under Takeover Code rules.

FitzWalter Capital Limited, acting on behalf of its managed funds, has announced a final possible offer for Auction Technology Group plc (LSE:ATG) of 400 pence per share in cash. The proposed price represents a 48% premium to ATG's undisturbed share price of 270 pence as of 2 January 2026.

This premium exceeds the UK market median of 36% to the undisturbed price and aligns with the median premium of 40% to the 1-month volume-weighted average price (VWAP) observed in comparable all-cash transactions over the past three years.

The announcement clarifies that FitzWalter has not been granted access to due diligence. As a result, the financial terms of the possible offer will not be improved or increased, except in limited scenarios such as a competing bid, a recommendation from ATG’s board, or Takeover Panel consent under exceptional circumstances.

UK Market Comparison
Historical data from completed all-cash transactions with enterprise values between GBP 500m–1.5bn shows the median premiums to undisturbed share prices at 36% and the median to 1-month VWAP at 40%.

FitzWalter’s proposed premium surpasses these medians, signaling a notable valuation in line with market practices. Comparable UK transactions include Dignity plc (29% premium to undisturbed price), Virgin Money UK plc (37%), and Learning Technologies Group plc (34%), among others.