Australian Court clears iSoft sale

Federal Court gives go-ahead to CSC's offer

Health IT company iSoft has received court approval to sell itself to Computer Sciences Corporation (CSC) Australia for A$188 million, or $0.17 per share. iSoft shareholders on Friday approved the takeover offer, which had been endorsed by directors in April. The takeover will now be implemented on or around July 29, iSOFT has announced. The deal has now passed all the stages required to proceed. While former iSOFT CEO Gary Cohen had unsuccessfully attempted to delay the sale and hold out for a better offer, the board had proclaimed that there was no superior proposal on the table. Cohen had resigned in August last year after the company swung to a deep loss. The offer also recently won the required approvals from regulators. iSoft shares fell 2.94% in Monday's trading to $0.165. Most District Health Boards in New Zealand are iSoft customers. - Additional reporting by David Watson

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