Aussies make offer for iSoft
iSoft shares are up over six per cent this morning on news that it could be taken over by Australian health specialist IBA Healthcare.
IBA has suspended dealing in its own shares on the Australian Securities Exchange while the company talks to investors about raising funds to pay for the takeover. iSoft confirmed in February that it was talking to IBA, along with other potential buyers.
The company is outlining to institutional investors what shape the deal will take - iSoft shareholders will get one new IBA share for every iSoft share they hold. This values iSoft shares at 56.9p per share - about £120m. iSoft shares were trading at over 400p each until problems emerged in early 2006.
IBA is looking to raise about £80m of new capital from the share issue.
It will also set up about £130m in agreed debt for the new company.
The statement warns: "There can be no certainty that an offer by IBA to acquire iSoft will be made."
Read the whole statement here. ®