Pivotal Corp. has received a definitive offer from CDC Software, a subsidiary of Chinadotcom Corp., that it calls a "superior transaction" to the deal it had agreed upon with private equity firm Oak Investment Partners.
The official proposal would give Pivotal shareholders a choice of either $2 per share in cash or a combination of $1 cash and $1.14 worth of Chinadotcom common shares.
Oak had agreed to pay $1.78 in cash for each Pivotal share. It
Oak now has until Thursday to up its offer.
Pivotal's board of directors had recommended that shareholders reject an all-stock bid from rival Onyx Software Corp.