Publicly-traded online auction price database and art platform Artnet refused a takeover bid from Redline Capital Management SA yesterday.

Management and the supervisory board of Berlin-based Artnet unanimously voted not to accept the August 31, 2012, offer of compensation of EUR 6.40 per share from Redline.

In a statement, Artnet said that "the bid price does not adequetly reflect the present position of the artnet group, especially given the investments given in recent years and the resulting growth prospects of the group."

Artnet shuttered its online art news magazine in June 2012. A shake-up at the top ensued that month when founder Hans Neuendorf was replaced with Jacob Pabst as CEO.

Pabst is focusing on sales and marketing, including the development of artnet Auctions and artnet Analytics.

In 2011, Artnet Group achieved revenues of 13.3 million euros. In the first quarter of 2012, sales of online auctions increased year over year by 37% to 4.7 million euros.