Article

CDC makes new move at CRM with higher Onyx offer

Barney Beal

CDC Software today increased its offer for Onyx Software Corp. in the wake of the announcement that

Onyx shareholders $4.85 per share in cash or $5.00 per share in half cash, half CDC stock. Earlier this month, M2M Holdings, a company jointly owned by Battery Ventures VI L.P. and Thoma Cressey Equity Partners, offered $4.80 per share in a cash transaction that would total approximately $92 million.

This is not the first time CDC has offered to purchase Bellevue, Wa.-based Onyx. Last winter, the subsidiary of Chinadotcom made repeated unsolicited offers for Onyx, before pulling its final offer off the table. That final offer was $50 million for a controlling interest in Onyx. The company already owns a minority stake.

At the time,

For more on CDC/Onyx

See why CDC withdrew its earlier offer

Learn what consolidation means for CRM

But CDC, which During its initial offer, CDC suggested that its customer base in home building, asset management, and manufacturing complemented Onyx's government, healthcare and insurance customers.

Robert Craig, director of public relations for Onyx, said Piper Jaffrey would evaluate the offer and make a recommendation to the board of directors. Last week, Onyx filed a preliminary proxy statement regarding the M2M offer, but a vote has not been scheduled.


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