FISH-THAT-DIDN'T-GET-AWAY.jpgI guess Peter Yip, CEO of acquisitive Chinese software house CDC Software, must have been reading our thoughts.

Nasdaq-listed CDC has withdrawn its hostile bid for US rival Onyx Software, a specialist in customer relationship management (CRM) software.

The Onyx board has stuck to its guns in recommending an earlier “friendly” bid from US software house Made2Manage Systems.

According to CDC, Onyx refused to allow Hong Kong-based CDC to conduct due diligence and put other obstacles in its path.

That
led CDC to conclude that it was “extremely unlikely” the Onyx board
would ever take the actions required to satisfy the conditions to CDC's
tender offer.

Putting a brave face on the announcement, Yip says:

With
or without Onyx, we believe CDC Software is well positioned, and will
continue to grow through both organic growth as well as accretive
acquisitions which make sense.”

So who is next on Yip's shopping list?

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