The proposal will require the approval of iSoft shareholders at a court meeting and the passing of a special resolution at an EGM, due to be held early next month. In addition, iSoft must obtain a court sanction and confirmation of a capital reduction by the court. Should all these obstacles be overcome, iSoft’s listing on the London stock exchange will be canceled on October 30.
Late last month, iSoft withdrew its support for a takeover approach from German vendor CompuGroup in favor of a revised bid from IBA. IBA’s offer of 66 pence per iSoft share, which valued the company at 166.3m pounds ($337.7m), topped CompuGroup’s earlier bid of 66 pence per share. CompuGroup had made its approach just days after iSoft’s shareholders approved an initial offer from IBA, thought to be worth around 140m pounds ($284.3m).
