Online auction operator Auction Technology Group plc said on Monday that it has rejected 11 unsolicited buyout proposals from its largest shareholder FitzWalter Capital.
The most recent proposal received on 23 December 2025 at 360p per share in cash was rejected on the basis that it "fundamentally" undervalues the company, it said.
"The ATG board believes that FitzWalter's proposals represent an opportunistic attempt to acquire the company at a time when ATG's public market valuation is currently disconnected from the company's fair value," it said.
Under UK takeover rules, investment firm FitzWalter has until 1700 GMT on 2 February to either announce a firm offer or walk away.
Chair Scott Forbes said: "ATG remains confident about achieving its ambitions as a publicly listed company and delivering significant shareholder value. As a sector leader, ATG is in a strong position to extend its leadership and expand its footprint to capture more of the under-served and significant TAM for curated second-hand goods.
"The board has undertaken significant engagement with FitzWalter over the past four months. The board believes FitzWalter's proposals fundamentally undervalue the business and that it is time for FitzWalter either to make a proposal which reflects fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy."