The Takeover Panel told the unknown suitor, which is in advanced negotiations with Clarity, that it must show its hand by 7am on Monday.
The watchdog acted after Clarity, which provides software solutions to the entertainment, retail and hospitality rejected an improved £10.36m offer from Enigmatic Investments, which is controlled by Moulton’s Better Capital. Moulton could not be reached for comment last night.
Enigmatic had initially offered £9.7m and has highlighted Clarity’s £1.6m loss from continuing operations for the year to 31 March.
Yesterday Clarity said the new 25p a share offer still undervalues the firm.
It has refused to name any of the firms which have made an approach but in a statement said it “remains in discussions with one of those potentially interested parties and negotiations are at an advanced stage regarding an alternative proposal which would enhance both the international reach of the business and its financial strength.”