FitzWalter Capital sweetens buyout bid for Auction Technology to $658 million
A portrait of Britain's King Charles is displayed on a British five pound note in this illustration taken in Manchester, Britain, November 25, 2025. REUTERS/Phil Noble/Illustration
Jan 16 : Auction Technology Group's biggest shareholder FitzWalter Capital raised its buyout proposal for the British online auction operator to 491 million pounds ($658 million) on Friday after repeated rejections.
The increase to 400 pence per share follows the rejection of 11 previous proposals that Auction Technology said had undervalued the business.
Friday's sweetened proposal is at an 11 per cent premium to FitzWalter's last offer at 360 pence per share, sending Auction Technology shares up by as much as 15 per cent to 370 pence, having lost nearly half of their value in 2025.
London-based FitzWalter Capital, which holds more than 21 per cent of Auction Technology, has previously accused the company of pre-emptively disclosing its approach and failing to engage constructively or provide access to due diligence.
The investment firm had also criticised Auction Technology's management for acquiring U.S.-based online marketplace Chairish and allowing "cost-driven margin declines".
Auction Technology, which connects buyers and sellers of antiques and art through auction platforms, has previously called FitzWalter's approaches "opportunistic" and accused the firm of refusing to work towards a recommendable transaction.
Another of Auction Technology's top shareholders, who did not wish to be named, said FitzWalter's latest offer was not good enough.
"This offer does not come close to reflecting Auction Technology Group's intrinsic value. That plus the flurry of insubstantial offers reinforces the impression that this is an opportunistic and time-consuming fishing expedition," the shareholder told Reuters in an emailed statement.
FitzWalter urged Auction Technology shareholders to pressure the board to engage in negotiations before a February 2 deadline by which the suitor must make a firm offer or walk away.
"Our proposal would give shareholders certainty to realise a cash offer at an attractive premium, compared to trusting a board that has consistently failed to deliver shareholder value," FitzWalter partner Andrew Gray said in a statement.
($1 = 0.7457 pounds)
