Auction Technology Group shares jumped over 11% after private equity firm FitzWalter Capital raised its takeover offer to £491 million, or 400 pence per share. This represents a 48% premium to the stock’s price from early January, giving shareholders a concrete cash exit option.

The bid highlights ATG’s ongoing struggles. FitzWalter’s proposal points to weak fundamentals, including sub-1% core marketplace revenue growth and a 4% drop in adjusted EBITDA for fiscal 2025. Gross merchandise value has also fallen sharply over multiple years, raising questions about the company’s long-term trajectory.

FitzWalter is urging ATG’s board to engage before a February 2 deadline, criticizing its record of declining shareholder value. The offer is not yet firm, but it puts pressure on management to respond decisively. Market watchers will be looking for ATG’s formal reaction in the coming days.