Onyx sings the blues?

The saga of Onyx Software continues to take interesting turns. Once a titan in the Seattle-area technology arena, Onyx agreed last month to be acquired by M2M Holdings (owned by Battery Ventures and Thoma Cressey Equity Partners). But rejected suitor CDC Corp., a Hong Kong-based software firm, isn't willing to gracefully leave the bargaining table. The company mounted a hostile takeover with an offer that now tops the one made by M2M. For even more drama, CDC has charged that the reason Onyx is failing to seriously consider its offer is because M2M Holdings has promised to keep current management in place -- and presumably CDC has not made the same promise.

-posted by Rachel