Court clears iSOFT sale

The $0.17 per share sale of health IT company iSOFT (ASX:ISF) to Computer Sciences Corpration (CSC) Australia will now proceed, after a court signed off on the deal

Health IT company iSOFT (ASX:ISF) has received court approval to sell itself to Computer Sciences Corporation (CSC) Australia for $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.

Substantial shareholder Oceania Capital separately revealed it now expects to receive $85.5 million from the sale of its iSOFT stake to OCP, as well as the repayment of convertible notes as part of the proposal.

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.

ISF shares fell 2.94% in Monday's trading to $0.165.

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