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Finance

UK online auction group ATG's top investor presses for chair ouster, sale

Published by Global Banking & Finance Review

Posted on October 26, 2026

2 min read

· Last updated: October 26, 2026

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ATG’s Largest Shareholder Calls for Chair Replacement and Possible Sale

FitzWalter Capital's Push for Strategic Changes at Auction Technology Group

Oct 26 (Reuters) - Auction Technology Group's largest shareholder on Monday called for the removal of the British online auction operator's chair and a strategic review of the company, including a possible sale.

Key Details of FitzWalter Capital’s Proposal

Here are some details:

Ownership and Proposed Leadership Change

• FitzWalter Capital owns 27.2% of ATG and has proposed replacing Chair Scott Forbes with fellow ATG director Richard Campbell-Breeden

Strategic Review and Potential Sale

• The activist investor said Campbell-Breeden would lead a strategic review to evaluate options, including a share buyback and a potential sale of ATG

Concerns Over US-Focused Business and UK Listing

• FitzWalter argued that ATG's US-focused business, which contributes more than 80% of revenue, is being held back by its UK listing and London headquarters

FitzWalter’s Statement on US Oversight

• "A principally US business is best overseen from the US ... ATG is likely to be more valuable to US private equity and strategic buyers," London-based FitzWalter said

FitzWalter’s Position as a Bidder

• FitzWalter ruled itself out as a potential bidder and said it would provide irrevocable undertakings to support any bidder recommended by ATG's board

Previous Takeover Approaches

• Earlier this year, ATG had rejected a series of takeover approaches from FitzWalter, citing undervaluation

Market Reaction and Company Response

•  ATG did not have an immediate comment on the latest developments

• Company's shares fell as much as 2.4% to 467.8 pence in early trading before paring losses to trade down 0.5% by 0828 GMT

Reporting and Editorial Credits

(Reporting by Krisha Bhatt in Bengaluru; Editing by Harikrishnan Nair)

Key Takeaways

  • FitzWalter, ATG’s largest shareholder, proposes replacing Chair Scott Forbes with Richard Campbell‑Breeden to oversee a strategic review including potential sale or buyback (finanznachrichten.de)
  • FitzWalter contends ATG’s US‑centric operations—over 80% of revenue—is hindered by its UK listing and headquarters, making it more attractive to US buyers (finanznachrichten.de)
  • FitzWalter rules itself out as a bidder, pledging to back any board‑recommended offer with its full 27.2% stake and support a buyback if deemed valuable (finanznachrichten.de)

References

Frequently Asked Questions

Who is calling for the removal of ATG's chair?
ATG's largest shareholder, FitzWalter Capital, is calling for the removal of Chair Scott Forbes.
What changes does FitzWalter Capital want at ATG?
FitzWalter Capital proposes replacing the chair and conducting a strategic review that could lead to a share buyback or a sale of ATG.
Why does FitzWalter argue ATG should consider a sale?
FitzWalter believes ATG's US business is undervalued due to its UK listing and that the company would be more valuable to US buyers.
Has ATG responded to the latest proposal?
ATG did not provide an immediate comment regarding FitzWalter Capital's latest call for changes.
What was the market reaction to the news?
ATG's shares dropped by as much as 2.4% in early trading before trimming losses to trade down 0.5%.

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