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CSC's iSoft acquisition given Federal Court tick

iSoft shares will be suspended from trading on the ASX as of July 19.

The Federal Court has approved the schemes of arrangement in relation to CSC’s intentions to purchase healthcare software provider, iSoft (ASX: ISF).

iSoft shares will be suspended from trading on the ASX as of July 19.

The outsourcer announced its intentions to buy iSoft in April offering shareholders $0.17 per share in cash.

Shortly after the acquisition announcement, iSoft founder, Gary Cohen, commenced legal proceedings against investor, Oceania Capital Partners (OCP).

The NSW Supreme Court dismissed litigation by RJL Investments (owned by the Cohen family) against investor Oceania Healthcare Technology Investments (OHT) relating to a Pre-Emption Deed on shares held in iSoft.

RJL claimed circumstances had arisen in the CSC proposal to purchase iSoft, which required OHT to provide a transfer notice of approximately 15 business days to acquire a portion of the shares in iSoft held by OHT.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: CSC, iSoft, Technology
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