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Onyx Software Corp. announced Wednesday that it has withdrawn its all-stock offer for Pivotal Corp.
The bid, made last month, just a week before Pivotal shareholders were due to vote on another bid for the company, had been rejected by Pivotals board.
Oak Investment Partners originally bid up to $1.81 per share for Pivotal in October. Just days after Onyxs bid, Chinadotcom Corp.s CDC Software Corp. subsidiary made its bid for Pivotal, a deal worth either $2 per share in cash or $2.14 per share in cash and stock.
The Pivotal board originally rejected Chinadotcoms offer, saying there were too many conditions attached to the deal. Chinadotcom on Monday submitted a definitive offer to buy Pivotal, which the Special Committee of Pivotals board subsequently threw its support behind, saying it was a “superior” deal to Oaks original bid.
Oak Investment Partners, which had planned to merge Pivotal with another of its holdings, Talisma Corp., has until end of day Thursday to amend its original offer for Pivotal.
As for Onyx, officials maintained their offer was superior, but finally conceded that it wasnt likely to be accepted by Pivotals board or shareholders. The company instead offered Pivotal customers Onyx Enterprise 4.5 licenses for their Pivotal licenses on a one-for-one basis.
In other acquisition news Wednesday, Jaguar Technology Holdings LLC announced that it has completed its cash tender offer for sales configuration software company Firepond Inc. The deal pays Firepond shareholders $3.16 per share in cash and takes the company private. The tender offer was commenced Oct. 24 and extended Nov. 24 after minimum conditions for the offer were not met. Jaguar, of Indian Wells, Calif., has acquired the requisite 90 percent of outstanding Firepond shares needed to complete the deal.
Fireponds stock closed Wednesday at $3.15 per share. Pivotals stock closed at $2.10 per share.