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PRESS RELEASES | ![]() |
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November 21, 2003 Onyx Believes its Open Proposal to Acquire Pivotal Remains Superior to All Public Offers BELLEVUE, Wash--(BUSINESS WIRE)--Nov. 21, 2003--Onyx® Software Corp. (Nasdaq:ONXS - News), a worldwide leader in successful CRM, today reiterated that its proposal to the Pivotal Board of Directors remains open. Onyx believes that a definitive agreement would be completed by the end of the first week of December."While Onyx is positioned to thrive on its own, the strong synergies resulting from adding the positive assets of Pivotal into our business could further enhance the opportunity to create value for both companies' shareholders," said Brent Frei, Onyx Software CEO. "For nearly a decade we've delivered industry-recognized technology and services that have helped organizations of all sizes achieve positive ROI and business impact from CRM. We believe that no company or organization is better positioned to deliver value for Pivotal customers than Onyx." ONYX BELIEVES ITS PROPOSAL PROVIDES SUPERIOR VALUE TODAY Under the terms of the proposal, the companies would be combined on the basis of 0.475 shares of Onyx Software common stock for each common share of Pivotal Corporation, or approximately 12.5 million shares of Onyx. The Onyx proposal values Pivotal shares at approximately $2.25 per share, based on the $4.73 closing price of Onyx common stock on November 11, 2003. That value is approximately $2.40 based on the average closing price of $5.067 for Onyx common stock over the thirty day period ended November 11, 2003. Based on yesterday's closing price of $4.19 for Onyx common stock, the Onyx proposal values Pivotal shares at approximately $1.99. These values compare favorably to the Talisma offer valued at $1.78 per Pivotal share. In the seven trading sessions since Onyx Software's announcement, the NASDAQ trading volume in Pivotal stock exceeded 11.2 million shares and 1.3 million shares were traded on the Toronto Stock Exchange -- all at prices in excess of the existing $1.78 Talisma offer -- strongly indicating that the financial community believes that the Onyx proposal is superior. "Shareholders who preferred Talisma's lower cash offer could have and may yet be able to sell their shares for $1.78 or higher," said Brian Henry, Onyx Software Executive VP and CFO. "Buyers of Pivotal shares in these recent sessions clearly believe that value of the stock is greater than $1.78." ONYX BELIEVES ITS PROPOSAL OFFERS SUPERIOR PROSPECTS FOR THE FUTURE Onyx Software's proposal:
Onyx Software Corp. (Nasdaq:ONXS - News), a worldwide leader in delivering successful CRM, offers a fast, cost-effective, usable solution that shares critical information among employees, customers and partners through three role-specific, Web services-based portals. The Onyx approach delivers real-world success by aligning CRM technology with business objectives, strategies and processes. Companies rely on Onyx across multiple departments to create a superior customer experience and a profitable bottom line. Onyx serves customers worldwide in a variety of industries, including financial services, healthcare, high technology and the public sector. Customers include Amway, United Kingdom lottery operator Camelot, Delta Dental of California, Microsoft Corporation, Mellon Financial Corporation, The Regence Group, State Street Corporation and Suncorp. More information can be found at 888-ASK-ONYX or info@onyx.com. This communication is not a solicitation of a proxy from any security holder of Pivotal Corporation or Onyx Software Corporation. Nor is this communication an offer to purchase nor a solicitation of an offer to sell securities. Any offer will be made only through an exchange offer statement, information circular, proxy statement or similar document. Investors and security holders are strongly advised to read such document regarding the proposed business combination referred to in this communication, if and when such document is filed and becomes available, because it will contain important information. Any such document would be filed by Onyx Software Corporation with the U.S. Securities and Exchange Commission (SEC). Investors and security holders may obtain a free copy of such document (if and when filed and available) and other relevant documents related to the proposed business combination on the SEC's web site at: (www.sec.gov). Any such document and related materials may also be obtained for free by directing such requests to Onyx at 425-451-8060. Onyx Software Corporation and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Pivotal Corporation and Onyx Software Corporation security holders in favor of the proposed transaction, should Onyx Software Corporation solicit such proxies. Information regarding the security ownership and other interests of Onyx Software Corporation's executive officers and directors will be included in any such exchange offer statement, information circular, proxy statement or similar document.
Forward-Looking Statement
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info@onyx.com Copyright © 2008 Onyx Software, a Consona CRM solution. |
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