CDC to make all-cash bid for Onyx at $5 a share

NEW YORK, June 30 (Reuters) CDC Corp. said on Friday it will make an all-cash bid for Onyx Software Corp. at per share, and take its offer directly to Onyx's shareholders for consideration.

CDC said its offer is a more than 10.4 percent premium to Onyx's average closing stock price during the past 30 trading days. CDC also compared it with a rival bid by M2M Holdings Inc. of .80 per share.

Last week, CDC said it would offer .85 in cash per Onyx share, or per share in a combination of cash and shares.

Onyx had rejected CDC's bid, saying M2M's cash offer offered better shareholder value.

REUTERS MQA KP1910