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

(Corrects bullet one to show that Richard Campbell-Breeden is FitzWalter's nominee, not an ATG director)

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.

Here are some details:

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

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

• 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

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

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

• 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 by Krisha Bhatt in Bengaluru; Editing by Harikrishnan Nair)