iSoft bins CompuGroup in favour of IBA
Sick note for German firm
Poorly NHS software provider iSoft Group said today that it favoured a revised buyout bid from Aussie outfit IBA Health.
Germany's CompuGroup had, earlier in the summer, placed an offer of 66 pence a share in cash on the table but confirmed on 20 July that it would not increase its bid for the firm.
IBA then upped the ante on 21 August by offering 69 pence per iSoft share, valuing it at £166.3m, with the added incentive of a stock alternative on IBA shares.
Unsurprisingly, iSoft said it preferred the IBA option as it offered "superior value" for its shareholders.
The British firm, which is currently working on a lengthy, much-criticised £12.4bn NHS overhaul project, said it will withdraw CompuGroup's recommended bid and instead tout to its shareholders the revised offer from IBA. ®