Onyx Software Shareholders Approve Merger With M2M Holdings
02 August 2006 - 3:48AM
Business Wire
Onyx(R) Software Corporation (NASDAQ:ONXS) announced that Onyx
shareholders approved the company's acquisition by M2M Holdings
Inc. at a special meeting of shareholders held today at the
company's headquarters in Bellevue. Shareholders of approximately
76 percent of the total outstanding shares of Onyx stock voted in
favor of the merger proposal, representing approximately 93 percent
of the total shares voted. According to terms of the agreement, M2M
will acquire all outstanding shares of Onyx Software for $4.80 per
share in cash. The transaction is expected to close by August 2,
2006, at which point Onyx Software will cease to be a publicly
traded company. Payment information will be mailed to shareholders
as soon as practicable after closing. M2M Holdings Inc. is the
holding company that is jointly owned by Battery Ventures VI, L.P.
and Thoma Cressey Equity Partners and whose primary asset is
Made2Manage Systems Inc., an enterprise software and services
company. "We are pleased that the shareholders approved Onyx's
merger with M2M as we considered it to be in the best interests of
Onyx shareholders, customers, partners and employees," said Janice
P. Anderson, chairman and chief executive officer. "We are looking
forward to a speedy closing of the merger, enabling Onyx to move
forward as a private company backed by investors with strong
financial resources." About Onyx Software Onyx Software Corporation
(NASDAQ:ONXS) is a worldwide leader in customer management and
process software for mid- and large-size enterprises. Onyx provides
flexible solutions that enable organizations to automate, manage
and evolve their customer processes quickly and cost-effectively
for strategic advantage. By providing an integrated suite of
customer process automation applications encompassing customer
management, process management, and analytics capabilities, Onyx
enables enterprises to reduce costs, increase productivity, and
grow revenue. Major companies are aligning their customer-facing
departments and managing their customer processes with Onyx
software -- companies such as Amway Corporation, Mellon Financial
Corporation, The Regence Group and State Street Corporation. More
information can be found at (888) ASK-Onyx, info@onyx.com or
http://www.onyx.com/. Forward-Looking Statements This press release
contains forward-looking statements, including statements regarding
the closing of the acquisition of Onyx by M2M Holdings Inc.
Forward-looking statements are based on the opinions and estimates
of management at the time the statements are made and are subject
to risks and uncertainties that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. The words "predict," "believe," "expect," "intend,"
"anticipate," variations of such words, and similar expressions
identify forward-looking statements, but their absence does not
mean that the statement is not forward-looking. These statements
are not guarantees of future performance and are subject to risks,
uncertainties and assumptions that are difficult to predict.
Factors that could affect Onyx's actual results include, but are
not limited to, the risk that the transaction does not close as
anticipated and the "Risk Factors" described in our annual report
on form 10-K and our quarterly report on form 10-Q and other
filings with the Securities and Exchange Commission that are
available on our investor relations home page at
www.onyx.com/investors. Readers are cautioned not to place undue
reliance upon these forward-looking statements that speak only as
to the date of this release. Onyx undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events. Onyx is a
registered trademark of Onyx Software Corporation in the United
States and other countries. Other product or service names
mentioned herein are the trademarks of their respective owners.
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