As its stock has dipped over the past few market closings, CDC Corporation's (CHINA) wholly owned subsidiary CDC Software is still pursuing a purchase of Onyx via a face-saving letter to the SEC.
Yesterday CDC Software submitted a follow-up letter to the Securities and Exchange Commission regarding its Superior Competing Transaction for the acquisition of Onyx Software Corporation.
In its letter, CDC Software cited reasons why CDC Software believes that Onyx has thwarted attempts to enter into productive discussions that hold the potential to increase value for the shareholders of Onyx.
In the letter, CDC Software CEO Peter Yip says, "The press release was issued in response to a press release issued by Onyx indicating that despite our competing proposal, they are re-affirming their existing transaction with M2M Holdings, Inc."
Over the last six months, Onyx has repeatedly refused CDC's advances, at some points saying that CDC's stock is overvalued and expressing concerns about a good fit between the companies.