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.
Clarity's board believes that Enigmatic's improved offer still undervalues Clarity's prospects but says: "... in the absence of any alternative offer, the Clarity Board considers that each shareholder of the company should consider the improved offer and shareholders are reminded that the improved offer remains open until 1.00 pm on 27 November 2011."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
BS
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
