CDC Corporation (CHINA) announced increased earnings estimates for full year 2006 on the same day that Onyx Software's (ONXS) board voted to reject CDC's purchase offer.

Previous CDC guidance provided on April 12, 2006, estimated total revenues in the range of US$283 million to US$290 million and adjusted net income in the range of US$30.9 million to US$32.1 million. The revised estimates for 2006 place total revenues in the range of US$300 million to US$305 million and adjusted net income in the range of US$31.6 million to US$32.8 million.

CDC says these revised estimates represent an approximate increase of 22.5% compared to total revenue of US$245 million in 2005 and an approximate increase of 100% compared to adjusted net income of US$15.8 million in 2005.

At the same time, Onyx Software announced that its board of directors voted to recommend that shareholders reject CDC Corporation's unsolicited offer to purchase all of the outstanding shares of Onyx for US$5.00 per share in cash.

After careful consideration, including a detailed review of the terms and conditions of the Offer with Onyx's board of directors' financial and legal advisors, the board determined at a meeting on July 15, 2006, that the uncertainties inherent in the offer represent a substantial threat to shareholder value that is not offset by the small premium reflected by the CDC offer price.

There was been no formal response yet from CDC about the Onyx announcement.