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by Alan Alper, MA Editorial Staff Posted on Tuesday, June 27, 2006 6:47:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    Despite being rebuffed for a third time, CDC Software Inc. today took its fight to acquire Onyx Software Corp. to investors, claiming its new offer is superior in terms of value and flexibility to the all-cash transaction the CRM software vendor recently accepted from the holding company that owns ERP software vendor Made2Manage Software Inc. In a webcast with investors late this afternoon, Eric Musser, CDC Software's executive vice president of strategy, said his company's sweetened offer of either $4.85 a share in cash or the equivalent of $5.00 per share in cash and stock from its parent company CDC Corp. trumps the $4.80-per-share cash offer made by Made2Manage Holdings to acquire Onyx. CDC's revised proposal, he said, represents a premium of up to 4.2% over Made2Manage's competing offer, excluding the effect of $4.5 million in break fees and expenses that Onyx would be required to pay if that deal collapses. Moreover, Musser said the deal offered by Made2Manage only provides a 2 cent premium over the $4.78-a-share offer CDC made in its second proposal last April. By accepting the Made2Manage offer, Musser said, Onyx's management gave up an opportunity to get CDC's "best and final offer." [Click to continue] |
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