Shares of Auction Technology Group PLC fell 8.2% on Monday after FitzWalter Capital confirmed it would no longer press its takeover attempt. FitzWalter, speaking on behalf of funds and investment vehicles it manages or advises, said it was abandoning the bid that valued ATG at 400 pence per share.
The private equity group linked the decision to ATG's board rejecting the offer on January 29, 2026, and specifically pointed to the board's refusal to permit due diligence access as a central reason for withdrawing. FitzWalter framed its announcement under Rule 2.8 of the UK Takeover Code and indicated it retains certain rights to revisit an offer, but only within the constraints established by the code.
Under the Takeover Code, a bidder who withdraws an offer faces restrictions on making a subsequent approach. In FitzWalter's case, that limitation means it cannot table another offer for ATG for six months, unless one of the exceptions applies. Those exceptions are limited and explicitly defined - they include gaining the board's agreement to a renewed approach, responding to a rival bid, or encountering a material change in circumstances that would justify reopening negotiations.
ATG operates a group of online marketplaces that facilitate auctions and sales across several categories, including industrial and commercial equipment as well as art, antiques and collectibles. FitzWalter had sought control of that auction technology platform provider but has stepped back for the time being.
FitzWalter is led by Andrew Gray. In its public notice, the firm followed the disclosure and procedural requirements set out by the Takeover Code when it announced the withdrawal. The firm also reserved the ability to revive an offer under the specific regulatory scenarios outlined in the code.
The abandoned bid represents a clear pause in takeover activity for ATG. Market participants now face a statutory waiting period before a renewed approach from FitzWalter can be made, unless an approved exception is triggered. That pause leaves ATG on the open market with its shares trading below their pre-announcement level following the fall.
Regulatory note - FitzWalter's announcement cited Rule 2.8 of the Takeover Code and the firm acknowledged that its future actions are constrained by the code's six-month restriction on repeat offers absent board consent, a competing bid, or a material change in circumstances.