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2007
| 29 August 2007 | |||||
Response to CompuGROUP's 'no increase' statement | |||||
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iSOFT notes today’s announcement by CompuGROUP Holding AG that it will not increase its cash offer of 66 pence per iSOFT share announced on 20 July 2007. The revised offer announced by IBA Health Limited on 21 August 2007 was 69 pence per iSOFT share, with a stock alternative of 1.65 new IBA shares per iSOFT share. IBA’s cash offer represents superior value for iSOFT shareholders compared with that of CompuGROUP. iSOFT has therefore withdrawn its recommendation of the CompuGROUP offer and intends to recommend the IBA cash offer and proceed with the steps necessary to implement the revised IBA offer by way of scheme of arrangement. Documentation, including details of the opinion of the board of iSOFT on the revised IBA offer, will be sent to shareholders in due course. A competitive situation no longer exists between IBA and CompuGROUP. Therefore, the Panel on Takeovers and Mergers will not be proceeding to implement an auction procedure as described in iSOFT’s announcement of 23 August 2007. The Court and shareholder meetings to implement the CompuGROUP offer are currently scheduled for 31 August 2007. As previously announced, iSOFT intends to adjourn these meetings indefinitely. For further information, please contact: |
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