FitzWalter Demands Chair Removal and Strategic Review at Auction Technology Group

Auction Technology Group’s largest shareholder, FitzWalter Capital, has requested the removal of the company’s chair and a strategic review that may result in a sale. This action comes after the board rejected several takeover proposals earlier this year.

FitzWalter, which holds 27.2% of ATG’s shares, has suggested replacing Chair Scott Forbes with Richard Campbell-Breeden, a fellow director. Campbell-Breeden would lead a strategic review, which could include a share buyback or a potential sale.

FitzWalter emphasized that a US-based business is better managed from the US, stating that ATG could be more valuable to US private equity and strategic buyers. This statement reopens the possibility of a takeover following previous rejections of FitzWalter’s offers.