Moulton's bid for Clarity is rejected

Jon Moulton, the veteran private equity investor, has had his bid for Clarity Commerce unanimously rejected by the company's board.

Clarity, which sells software to the retail and leisure industries, said yesterday Mr Moulton's £9.5m cash offer was "highly opportunistic" and undervalued the company.

Mr Moulton's Enigmatic Investments vehicle last week offered 23p a share for Clarity, a 51 per cent premium on the previous day's closing price.

Clarity said that after posting a loss in the year to 31 March it had offloaded non-core businesses and was cutting costs.