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Tuesday July 18, 6:50 AM CDC files lawsuit against Onyx and M2M Holdings July 17 (Reuters) - Business software maker CDC Corp. said it filed a lawsuit against Onyx Software Corp. and M2M Holdings Inc. saying Onyx's board was not acting in its shareholders' best interests by rejecting the acquisition offer by CDC. On June 30, Hong Kong-based CDC, which runs the China.com Web site, made an all-cash offer of $5.00 per share to sweeten its unsolicited bid for Onyx. The all-cash tender offer for Onyx was superior to M2M Holdings' current offer of $4.80 per share, CDC said in a statement on Monday. Separately, software company Onyx on Monday said its board urged its shareholders to reject CDC's unsolicited offer, adding that uncertainties and risks to shareholder value were not offset by the small premium offered. The Bellevue, Washington-based Onyx said it continues to believe that M2M Holdings Inc.'s offer at $4.80 cash per share to be paid to Onyx shareholders represents a superior transaction. Onyx said among other factors, it was unclear if CDC had the available cash or sufficient liquidity to consummate the offer, which was much less certain than consummation of the M2M transaction. The M2M deal is currently scheduled to close on Aug.1. On June 26, Onyx had said its purchase by M2M Holdings had cleared an anti-trust hurdle, and was expected to close in the third quarter. (Reporting by Preeti Mishra in Bangalore)