Business
No intention to make an offer for ATG plc
FitzWalter Capital Limited has announced it does not intend to make an offer for Auction Technology Group plc after its proposed offer of 400 pence per share was unanimously rejected by ATG's board. This statement, falling under Rule 2.8 of the City Code on Takeovers and Mergers, means FitzWalter and its concert parties are restricted from making a new offer for six months, unless certain conditions are met, such as ATG's board agreement or the announcement of a competing offer. Disclaimer*
About this update from Auction Technology Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\")\nFOR IMMEDIATE RELEASE\n2 February 2026\nFitzWalter Capital Limited, \nfor and on behalf of funds and/or investment vehicles managed or advised by it (\"FitzWalter\")\nNo intention to make an offer for Auction Technology Group plc (\"ATG\" or the \"Company\")\nOn 29 January 2026, FitzWalter was informed that the Board had unanimously rejected FitzWalter's proposed offer of 400 pence per ATG share. In light of the Board's rejection and refusal to facilitate access to due diligence, FitzWalter confirms that it does not intend to make an offer for ATG.\nThis is a statement to which Rule 2.8 of the Code applies. Accordingly, FitzWalter and any person(s) acting in concert with it will, except with the consent of the Panel on Takeovers and Mergers (the \"Takeover Panel\"), be bound by the restrictions set out in Rule 2.8 of the Code, including that it will not be able to make an offer for ATG, subject to the exceptions in Rule 2.8, for six months from the date of this announcement. Under Note 2 on Rule 2.8 of the Code, FitzWalter, and any person(s) acting in concert with it, reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:\n(a) with the agreement of the board of directors of ATG;\n(b) following the announcement of a firm intention to make an offer for ATG by, or on behalf of, a third party;\n(c) following the announcement by ATG of a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or\n(d) if there has been a material change of circumstances (as determined by the Takeover Panel).\nEnquiries \n\n\n\n\nFitzWalter Capital Limited\n\n\n+44 (0)20 7550 6104\n\n\n\n\nAndrew Gray\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMedia enquiries\n\n\n\n\nGreenbrook\n\n\n+44 207 952 2000\n\n\n\n\nRob White\nMichael Russell\n \n\n\n\n\n\n\[email protected]\n\n\n\n\...