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Wednesday, August 2, 2006 - Page updated at 12:00 AM

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Business Digest

Onyx Software with M2M gains approval

Pacific Northwest

Bellevue-based Onyx Software said Tuesday that its shareholders approved its acquisition by M2M Holdings.

Shareholders representing about 76 percent of outstanding shares voted in favor of the merger at a special shareholders meeting. About 93 percent of all shares voted were in favor of the merger. M2M will acquire all of Onyx's shares for $4.80 a share in cash. The transaction is expected to close today.

M2M Holdings is owned by Battery Ventures and Thoma Cressey Equity Partners. The holding company's main asset is a software company called Made2Manage Systems.

Onyx had rebuffed a competing offer from Hong Kong-based CDC, operator of the China.com Web site, which withdrew the offer last week.

Su Development

Shopping center in Bellevue bought

Developer John Su has added to his list of properties in downtown Bellevue. On Monday, Su bought Bellevue Plaza Shopping Center from the family of Mary Dore and the late Justice Fred Dore for $31.5 million. The 3.4-acre property at 139 106th Ave. N.E. includes a 60,000-square-foot shopping center.

Su has held initial discussions on plans for the property. Bob Wallace, who represented the Dore family in the sale, said he expects the property to be redeveloped for higher use. It is zoned for 200-foot-tall buildings.

While the fate of most of the stores and restaurants in the plaza is unknown, the shopping center's branch of Gregg's Cycle is planning to move into a new building at 105 Bellevue Way N.E. in March.

Su owns several residential properties in downtown Bellevue and just completed the 23-story 989 Elements apartment tower at Northeast 10th Street and 112th Avenue Northeast.

Misty Isle Farms

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Delivery to stop at area groceries

Black Angus beef company Misty Isle Farms will stop supplying 34 Puget Sound-area groceries at the end of September.

The Vashon Island company will continue selling beef to restaurants and delis, a delivery system for which Misty Isle and its sister companies are better equipped, said Gary Odegard, vice president of corporate communications for Misty Isle's parent, Services Group of America.

The decision is not related to SGA owner Thomas Stewart's decision to move SGA and three subsidiaries — Amerifresh, S&P Meats and Development Services of America — to Arizona.

Integra Telecom

Deal made to buy Electric Lightwave

Portland-based Integra Telecom said Tuesday that it has bought Electric Lightwave, which owns thousands of miles of fiber-optic lines.

Integra agreed to pay Stamford, Conn.-based Citizens Communications $243 million in cash and assume $4 million in capital leases for subsidiary Electric Lightwave.

Compiled from Seattle Times business staff

Copyright © 2006 The Seattle Times Company

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