Auction Technology rejects $658M bid from FitzWalter
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Britain’s Auction Technology (ATG.L) has rejected a £491 million ($658 million) bid from FitzWalter Capital, calling the offer too low to reflect the company’s value and future prospects.
The 400 pence-per-share proposal marks FitzWalter’s twelfth attempt to acquire the London-based online auction operator, which currently holds over a 21% stake in the firm, News.Az reports, citing Reuters.
Scott Forbes, Chair of Auction Technology, said the board “stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented.”
The company has not immediately commented further.
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