Overview
- ATG says it has rebuffed 11 unsolicited, conditional approaches since Sept. 11, including a 360p-per-share cash proposal received on Dec. 23 that valued the company at about £436 million.
- The board called the proposals opportunistic and below fair value, citing months of engagement that did not produce terms it could recommend.
- The company asked FitzWalter to submit a firm offer that reflects fair value or withdraw by Jan. 12, with a formal put-up-or-shut-up deadline of 5 pm on Feb. 2 under the Takeover Code.
- Shares rose roughly 20% on the disclosure of the rejected bids, reflecting a sharp market reaction to the standoff.
- FitzWalter is ATG’s largest shareholder with about 21%, and its pursuit comes after a tough year that included the $85 million Chairish acquisition and increased borrowing that weighed on the stock.