ATG's largest shareholder presses for chair's removal and strategic review including possible sale

Auction Technology Group’s largest shareholder, FitzWalter Capital, has requisitioned a general meeting to remove chair Scott Forbes and appoint Richard Campbell-Breeden in his place, Reuters reports. If the resolutions pass, FitzWalter will ask the board to appoint Campbell-Breeden as chair to oversee a strategic review, including consideration of a full competitive sale process.

FitzWalter owns 27.2% of ATG, Reuters reports. It argues the business is principally American — more than 80% of revenue comes from its US operations — but remains held back by its UK listing and London headquarters. “A principally US business is best overseen from the US,” FitzWalter said, adding that ATG is likely to be more valuable to US private equity and strategic buyers.

FitzWalter will not participate as a bidder in any sale process. In its own Rule 2.8 announcement, it states it does not intend to make an offer for ATG, and will be unable to do so for six months from 26 October except with the Takeover Panel’s consent or in the limited circumstances set out in the announcement. ATG did not have an immediate comment, Reuters reports.

Earlier this year ATG rejected a series of takeover approaches from FitzWalter, citing undervaluation, Reuters reports. In February, FitzWalter opted against a final £491 million bid after failing to gain access to conduct due diligence, BusinessCloud reports. ATG shares fell as much as 2.4% to 467.8 pence in early trading on Monday, paring losses to down 0.5% by 0828 GMT, Reuters reports.

Sources: https://www.reuters.com/business/retail-consumer/uk-online-auction-group-atgs-top-investor-presses-chair-ouster-sale-2026-10-26/ | https://news.cision.com/fitzwalter-capital-limited/r/2-8-announcement,c4414946 | https://businesscloud.co.uk/news/activist-investor-fitzwalter-seeks-to-remove-atg-chair/