Online auction company Auction Technology Group has told investors it has rejected a twelfth takeover bid by its largest shareholder.

Investment firm FitzWalter made another offer which ‘fundamentally undervalued the company and its future prospects,’ ATG said.

The offer made on 16 January was for 400p per share, the latest in a flurry of takeover attempts over the past five months. 

FitzWalter's previous proposal, received on 23 December, valued ATG at 360p per share in cash.  

ATG said on Monday that there had been ‘no customary letter setting out the full terms and conditions of the indicative offer’ to the board.

FitzWalter’s financial adviser Macquarie Capital had ‘confirmed such a letter would not be provided and that the Board should make its own assumptions as to the other terms and conditions of the indicative offer.’

Scott Forbes, chair of ATG said: ‘The board will continue to act in the best interests of all stakeholders and remains confident in ATG's standalone prospects. We have valued the constructive engagement with our shareholders over the last few weeks. 

'The board, mindful of its fiduciary duties, stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented to it.'

He reiterated that the board 'firmly believes that FitzWalter's latest proposal fundamentally undervalues ATG and its future prospects.’ 

Shares were trading up almost 4 per cent on Monday morning, after a boost from takeover chatter over the past few weeks.

FitzWalter's takeover attempts have added to concerns that, despite a strong end to the year for the London stock market, there could be a slew of takeovers this year.

At the end of 2025, doorstep lender International Personal Finance became the latest firm to be bought by a foreign buyer.

It agreed a £543million takeover by New York hedge fund Basepoint Capital, just days after Janus Henderson agreed to a £5.5billion takeover led by Wall Street billionaire Nelson Peltz.