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Auction Technology Group PLC on Monday said its board has unanimously rejected a possible £491 million offer from private investment firm FitzWalter Capital Ltd.
The London-based auction market operator said the indicative offer ‘fundamentally undervalued the company and its future prospects’, and it ‘strongly’ advised shareholders to take no action.
FitzWalter on Friday said it was considering a new 400p per share offer, which would value Auction Technology at £491 million.
It said the Auction Technology board ‘has consistently failed to deliver shareholder value’ and urged shareholders ‘to compel the board to engage with FitzWalter’.
Auction Technology earlier in January said it had rejected 11 previous unsolicited takeover proposals from FitzWalter. The most recent one at that point at 360p per share.
Auction Technology shares were were down 3.6% at 349.00 pence in London on Monday morning. They are down 40% over the past 12 months.
The company said it will provide a trading update on January 22.
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