Business
Statement regarding Auction Technology Group plc
FitzWalter Capital Limited has issued a statement regarding Auction Technology Group plc, clarifying its interactions and concerns about the company's board decisions. FitzWalter believes shareholders require full disclosure regarding the board's consideration of a disposal of the I&C division and other M&A opportunities, especially in light of the c.44% share price decline following the Chairish acquisition. FitzWalter's latest proposal of 400 pence in cash per ATG share was rejected on January 19, 2026, and FitzWalter reserves the right to vary its offer terms. A definitive announcement regarding a firm intention to make an offer is expected by February 2, 2026. 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 OF A POSSIBLE OFFER UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE\nFOR IMMEDIATE RELEASE\n22 January 2026\nFitzWalter Capital Limited, \nfor and on behalf of funds and/or investment vehicles managed or advised by it (\"FitzWalter\")\nStatement regarding Auction Technology Group plc (\"ATG\" or the \"Company\")\nFollowing discussions with a number of ATG shareholders, FitzWalter believes that there is inconsistent information between certain shareholders as to the events that culminated in the Company's pre-emptive announcement of FitzWalter's possible offer on 5 January 2026 regarding the extent to which the Board was considering a disposal of the I&C division and further M&A opportunities. \nFitzWalter believes that shareholders deserve full and transparent disclosure to inform their assessment of the Board's rejection of FitzWalter's latest proposal of 400 pence in cash per ATG share announced on 19 January 2026.\nThe following timeline sets out FitzWalter's interactions with ATG regarding the potential I&C disposal and further M&A:\n\n\n\n\n4 August 2025:\n\n\nAnnouncement of the Chairish acquisition; ATG's share price falls by 21.7%.\n\n\n\n\n9 September 2025:\n\n\nThe Chairman of ATG indicates during a telephone call with FitzWalter that the Company is considering a proposal to create shareholder value.\n\n\n\n\n10 September 2025:\n\n\nFitzWalter informs the Chairman by telephone that FitzWalter is interested in making a possible offer for the Company. The Chairman indicates to FitzWalter that any such offer would be compared against an alternative transaction.\n\n\n\n\n11 September 2025:\n\n\nFitzWalter submits its first indicative offer letter regarding a possible cash offer for all of the shares in ATG not already owned by it, thereby engaging the relevant Code prohibitions on frustrating actions so as to prevent any material M&A transaction without any form of shareholder approv...