Clarity Commerce Solutions has outlined the reasons why shareholders should reject the 23p a share bid from Enigmatic Investments.
Clarity does not believe the valuation put on the company reflects the value of its software and clients or the synergy gains from merging the business with the current operations owned by Enigmatic’s backer BECAP Fund.
Clarity says that Enigmatic’s intentions for the entertainment division and Cyntergy are unclear. It believes that Enigmatic is only interested in the retail software operations.
Clarity’s board has met with Enigmatic but not come to any agreement on valuation. They believe that Clarity should be valued in line with international peers and they say that there have been expressions of interest from other parties.
At 23p a share, Clarity is valued at £9.53m.
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