THE Birmingham office of law firm DLA Piper advised on the £10m hostile takeover of Hampshire-based software company Clarity Commerce Solutions.
DLA acted for Enigmatic Investments in one of the first hostile bids for a company since the revamp of the Takeover Code in September and the practice said the offer document was the first published under the new rules.
Clarity is an international supplier of software solutions for the hospitality, retail, leisure and entertainment sectors.
Originally launched on September 27 at 23p per share, Enigmatic’s offer was improved to 25p per share on November 13, valuing Clarity at £10.4m. It was declared wholly unconditional yesterday.
DLA’s corporate partner John Campion and corporate associate Mike Jackson from Birmingham led the deal.
Enigmatic is a newly-established Guernsey company formed for the purposes of making the offer.
It is wholly owned by BECAP Fund, a Guernsey limited partnership, which has received inward investment of more than £200m from Better Capital, a Guernsey company trading on the London Stock Exchange.
This deal follows the acquisition by BECAP Fund of DigiPoS Store Solutions Holdings earlier this year on which DLA Piper’s Birmingham team also advised.
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