Onyx Software Shareholders Approve Merger With M2M Holdings
BELLEVUE, WA - August 1, 2006 - Onyx® 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.”
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