Enigmatic Investments had managed to tuck approximately 14% of Clarity Commerce’s issued shares into its coffers by the October 19 offer deadline (see here for the offer history) but that’s a long way short of the 50%+ it needs to secure the POS/transaction management software company. Its response has been to extend the deadline until November 2 2011.
The odds on Enigmatic Investments succeeding in its acquisition are lengthening, especially when you consider that by the first deadline there were valid acceptances for only 3.2% of the shares. Enigmatic held 11.09% of the shares. Given the vehemence of the Clarity Commerce board’s rejection of the bid and the low take-up, shareholders are anticipating more than the 23p per share offer that is currently on the table. The “parties” from the retail and entertainment sectors who are in discussion with Clarity Commerce remain anonymous but the new deadline date will put pressure on all concerned to go public with a firm offer or declare themselves out sooner rather than later. The other question is whether Enigmatic will increase its offer. There have been no indications so far that it will do so but another bid could change the situation.