Sydney, Aug 30, 2007 AEST (ABN Newswire) - IBA Health Limited (ASX: IBA) - Australia's largest listed eHealth company, today announced that iSOFT Group plc (LSE: IOT) ("iSOFT") intends to recommend the IBA cash offer to iSOFT shareholders and will proceed with the steps necessary to implement the IBA offer by way of scheme of arrangement.
The announcement by iSOFT advises that a competitive situation no longer exists and 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."
Commenting on the announcement by iSOFT, IBA's Executive Chairman Gary Cohen said, "Our advisory teams are already implementing the necessary procedural steps to bring this acquisition to a close. The merits of this transaction have been strongly endorsed by our shareholders over the last week during a difficult period. I look forward to providing the market with further details and an outline of the timetable shortly."
A copy of the iSOFT Group plc announcement follows:
29 August 2007
Response to CompuGROUP's 'no increase' statement
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 iSOFT has therefore withdrawn its recommendation of the CompuGROUP offer and intends to recommend the IBA cash offer and proceed with the steps necessary to implement the revised IBA offer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:
John White
Director of Corporate Communications
iSOFT Group plc
Tel: +44 (0) 1925 283 423
Fax: +44 (0) 870 050 8911
End of iSOFT Group plc announcement
Contact
Gary Cohen
Chairman
IBA Health Limited
Phone: +61 2 8251 6700
Email: gary.cohen@ibahealth.com
MediaGreg King
Communications and Business Development Director
IBA Health Limited
Phone: +61 413 621 111
Email: greg.king@ibahealth.com
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