PRIVATE equity icon Jon Moulton has moved closer to a takeover of software firm Clarity Commerce by winning backing from nearly half of its shareholders.
Moulton’s Enigmatic Investments yesterday said it has gained the support of investors owning around 45 per cent of Clarity stock, despite directors holding out for more cash.
It is the latest twist in a long-running saga which has seen Clarity twice reject offers from Enigmatic as “undervalued”.
Enigmatic has been pursuing Clarity since September. City A.M. understands a deal could see the software firm joined with DigiPos Store Solutions, an electronic point of sale systems firm, which is owned by Moulton’s Better Capital group.
Yesterday Clarity declined to comment on Enigmatic’s move but it appears to have been left with few alternatives to the £10.36m offer.
Its hopes of an immediate challenge to the Enigmatic offer were dashed on Monday when a mystery third-party bidder, with which it had been in “advanced negotiations”, walked away from an offer after being set a Monday morning deadline by the Takeover Panel.