iSoft in takeover tug-of-war
Software provider puts plans to win shareholder approval for CompuGROUP bid on ice after IBA puts in an increased offer
Two bidders are vying for supremacy in a bid to snap up iSoft.
The software company suffered serious
accounting issues last year, but is now a
takeover target for software companies CompuGROUP UK and IBA.
This week, IBA announced a counter-offer for iSoft of £166m in cash, topping
CompuGROUP’s £160m bid.
The Court and shareholder meetings convened in respect of the CompuGROUP
offer were scheduled to take place on 31 August, but iSoft has now put these
plans on ice.
CompuGROUP has now said that it is considering its position in light of the
revised IBA Offer.
iSoft said: ‘In view of the revised IBA offer and pending resolution of the
competitive situation between CompuGROUP and IBA, the board intends to adjourn
the court and shareholder meetings in respect of the CompuGROUP offer.’
No new date has been set for these meetings.iSoft added: ‘The board will make
its views on the CompuGROUP and IBA offers known to shareholders following
resolution of the competitive situation between them. A further announcement
will be made in due course.’
Further reading:
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