IBA completes iSoft takeover
Published: 31 Oct 2007 09:44 GMT
The saga of IBA Health's acquisition of iSoft has now been concluded, following the completion of legal manoeuvres which allow the takeover to go ahead.
The London Stock Exchange suspended trading of UK healthcare software company iSoft shares on 25 October, after the High Court of Justice of England and Wales approved healthcare vendor IBA's revised scheme to take over the company from that day.
IBA shareholders were formally notified on the following day that the acquisition would be effective as of 30 October, coming in at a total cost of £166m.
IBA will be holding its annual general meeting on 30 November, when it is expected that its directors will announce a recommendation to change its name to IBA Health Group Ltd, according to a statement released on Wednesday.
IBA said the acquisition will not affect iSoft's key role in the UK's National Programme for IT, as the merged company will continue working on the Lorenzo clinical records software platform with CSC.
Investment firm Allco Equity Partners also participated in the merger as partial backers of IBA, providing AU$300m (£133) worth of capital for the bid, in return for an undisclosed number of shares and convertible notes.
The announcement comes after months of stop-start negotiations over the acquisition that saw IBA fending off an eleventh-hour rival takeover bid.
iSoft says yes to IBA takeover bid
Shareholders have 'overwhelmingly' approved the Australian e-health group's £166m offer, marking an end to the long-running acquisition saga [05 Oct 2007]
iSoft acquisition saga nears conclusion
Troubled software firm iSoft looks likely to be sold to Australian company IBA, as CompuGroup withdraws from the battle [29 Aug 2007]
IBA re-enters iSoft takeover fray
Australian e-health company ups its offer in an effort to fend off rival CompuGroup [22 Aug 2007]
iSoft board recommends surprise bid
Sale of troubled medical software company iSoft to an Australian firm appears to have been ditched in favour of a bid from German company CompuGroup [20 Jul 2007]
iSoft shareholders approve IBA lifeline
Ninety-seven percent of iSoft shareholders have approved the Australian company's £142m offer, as a merger moves closer [09 Jul 2007]
IBA Health close to iSoft takeover
Takeover of the troubled software firm by IBA Health moves closer as CSC gives its consent to the deal [18 Jun 2007]
iSoft halts legal action against CSC
Software company and CSC have suspended their dispute over the latter's block of IBA's takeover bid and are trying to reach a compromise [07 Jun 2007]
iSoft takes legal action against CSC
Software firm says that CSC's objections to its takeover by IBA are unreasonable and may be influenced by 'wider interests' [05 Jun 2007]
iSoft sale terms agreed
Troubled software firm at the centre of the NHS's National Programme for IT will be bought by the Australian healthcare firm IBA [16 May 2007]
Isle of Man snubs iSoft
Island's Treasury turns down the troubled NHS software provider for deployment in its healthcare network [23 Mar 2007]
Takeover speculation boosts iSoft
Australian firm is interested in the troubled UK software developer at the heart of the NHS IT mega-project [16 Feb 2007]
iSoft limps on after posting loss
Chairman admits that the company at the heart of the NHS IT upgrade must find more financial support [11 Dec 2006]
iSoft faces another financial probe
The Accountancy Investigation and Discipline Board will investigate 'recent events' at iSoft, centring on its financial statements [25 Oct 2006]
iSoft in takeover talks
The UK software firm says it is in talks with potential buyers, as new fears emerge about the supply of its software to the NHS [17 Oct 2006]
iSoft was central to Accenture's NHS pull-out
On the day major contractor Accenture announced it was pulling out of the NHS' NPfIT programme, troubled subcontractor iSoft emerged as key to its departure [28 Sep 2006]
iSoft NHS turmoil continues
The provider of NHS software is in a critical condition following an investigation into possible accounting irregularities [08 Aug 2006]
Did you find this article useful?
1 out of 1 people found this useful
Digg
Slashdot
Del.ici.ous
Stumble
Reddit
