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iSOFT Recommends IBA Health's Offer
Sydney, Aug 30, 2007 (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 iSOFT has therefore withdrawn its recommendation of the CompuGROUP offer and intends to recommend the IBA cash offer and proceed with the steps necessary to implement the revised IBA offer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
About IBA HEALTH LIMITED
IBA Health Group Limited (ASX: IBA) is the largest specialist information technology company listed on the Australian Securities Exchange.
IBA builds software applications for healthcare. We work with healthcare professionals to design and build solutions that answer all of the difficult questions posed by today's care delivery challenges. Our solutions act as a catalyst for change, supporting the free exchange of critical information across diverse care settings and participant organisations. We are the leader in the provision of advanced application solutions in modern healthcare economies around the world
Today, over 13,000 provider organisations in 35 countries across five continents use IBA's solutions to manage patient information and drive improvements in their core processes. The group's sustainable development is delivered through careful planning, in-depth analysis of our market and anticipation of evolving requirements. Our business is driven by the collective talent, experience and commitment of over 3,500 healthcare IT experts around the globe.
A global network of IBA subsidiaries, supported by an extensive partner network, provides substantial experience of national healthcare markets. As a result we offer our customers comprehensive knowledge of local market requirements, in terms of culture, language, working practice, healthcare regulation and organisational structure.
For more information on IBA Health, please visit the Company's website at www.ibahealth.com
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