Clarity Commerce Solutions says a potential buyer for its business has declined to make a firm offer.
Clarity, which produces bespoke software solutions for clients including Debenhams, has been locked in negotiations over a potential sale for several months. Another suitor, Enigmatic has already made two offers, the second values the firm at £10.5m.
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Despite declining to make a firm offer, the mystery third party has reserved its right to make one in the next six months.
Clarity made a pre-tax loss of £1.435m in the last financial year (to the end of March) and had lost 57% of its value between January and the end of August this year.
The current Enigmatic offer values Clarity at 25p per ordinary share, its price this morning had dropped 1.92% to 25.5p per share.
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