Jan 5 (Reuters) - British online auction operator Auction Technology said on Monday that it had rejected a total of 11 buyout proposals from London-based investment firm FitzWalter Capital, saying
Auction Technology Declines FitzWalter's Buyout Bids
Jan 5 (Reuters) - Auction Technology said on Monday that it had rejected a total of 11 buyout proposals from top shareholder FitzWalter Capital as they highly undervalued the British online auction operator and its future prospects.
London-based investment firm FitzWalter's latest proposal of 360 pence per share in cash valued Auction Technology at about 436 million pounds ($585.42 million).
Auction Technology connects buyers and sellers of second-hand goods through auction and listing platforms.
"The ATG board also believes that the repeated approaches, many of which were at the same proposed offer price, do not indicate an intention from FitzWalter to work towards a recommendable transaction," the company said in a statement.
($1 = 0.7448 pounds)
(Reporting by Rishab Shaju in Bengaluru; Editing by Subhranshu Sahu)
