CompuGROUP Holding AG

euro adhoc: CompuGROUP Holding AG
Mergers - Acquisitions - Takeovers / CompuGROUP makes recommended all-cash Offer to acquire iSOFT

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

Company Information

20.07.2007

AD HOC ANNOUNCEMENT ACCORDING TO § 15 WpHG                 CompuGROUP makes
recommended all-cash Offer to acquire iSOFT

UK business related to the National Programme for IT will be sold to CSC

Koblenz, Germany, 20  July  2007  -  CompuGROUP  Holding  AG   (Frankfurt,  Prime Standard: COP) ("CompuGROUP") today announced a recommended  all-cash  Offer  to acquire the entire issued and to be issued  ordinary  share  capital  of  iSOFT Group plc ("iSOFT") for 66 pence per iSOFT share or  a  total  of  approximately GBP 160 million (EUR 238 million[1]). The CompuGROUP Directors believe that   the combination of CompuGROUP and iSOFT will  create  one  of  the   world's  leading healthcare software companies, with operations in over 16 countries.

CompuGROUP has reached agreement with Computer Sciences Corporation (NYSE:  CSC) ("CSC") on a mutually satisfactory solution which will enable CSC to  take  full control of certain of its obligations in respect of the National  Programme  for Information Technology ("NPfIT"), the National  Health  Service's  programme  to deliver integrated electronic patient  records  across  England,  whilst   giving greater certainty to CompuGROUP in respect of  iSOFT's   ongoing  operations  and limiting liability for iSOFT on historic and future  NPfIT  related  issues.  As part of the agreement,   CompuGROUP  will  sell  parts  of  iSOFT's  UK  business established under the NPfIT  to  CSC  for  an  undisclosed  consideration.  This business includes development and delivery  of  the  LORENZO   software  for  the National Health Service in the UK.

The value of CompuGROUP's cash Offer exceeds,  by  approximately   18.9  percent, the current implied value  of  the  share  Offer  to   acquire  iSOFT  which  was announced by IBA Health Limited ("IBA") on 15 May 2007.  The  current  value  of the IBA Offer is equal to approximately 55.6 pence per iSOFT  share  and  is  an all-paper Offer, compared to CompGROUP's all-cash Offer.

iSOFT is a leading provider of software  solutions  for  the   healthcare  market with its headquarters in the United Kingdom. For the year ended 30  April  2006, iSOFT generated revenues of  GBP  202 million  (EUR  300  million).  CompuGROUP reported revenues of EUR 140 million in 2006.

CompuGROUP's all-cash  Offer,  which  is  being  made  by  its   wholly-owned  UK subsidiary, CompuGROUP UK Limited,  has  been   unanimously  recommended  by  the iSOFT Board of Directors (excluding Rene Kern,  the  representative  of  General Atlantic, which is a material shareholder of CompuGROUP Holding  AG).  Based  on current   due  diligence,  CompuGROUP  does  not    anticipate    any     significant regulatory hurdles for the completion of the proposed transaction.

END OF AD-HOC

Commenting on the Offer, Frank  Gotthardt,  President  and  CEO  of   CompuGROUP, said: "We are delighted that the  iSOFT  Board  of   Directors  have  decided  to recommend our Offer. It represents better value and greater certainty  to  iSOFT shareholders than the IBA  share  Offer.  For  our  company,  it  is  a  further defining moment following our recent successful public Offering. CompuGROUP   has developed over the last few years via both organic and   acquisitory  growth  and the Offer for iSOFT is the next step in this success story."

"The fit between CompuGROUP and iSOFT is strong, with  complementary geographic footprints and significant  opportunities  to  leverage   industry  know-how  and technical expertise across the enlarged group. The  acquisition  of  iSOFT  will lead to significant enhancement of our portfolio and to material value  creation for our shareholders," Gotthardt added.

Commenting on the Offer, John Weston, Chairman and acting CEO of iSOFT, said:

"CompuGROUP's Offer represents, in the view of the  board,  superior value  for iSOFT shareholders compared  with  the  Offer  by  IBA.   We  therefore  have  no hesitation in recommending it."

CompuGROUP's Offer represents:

@@start.t2@@(i)    a premium of approximately 18.9 percent to the implied value  of  the  IBA
         Offer on 19 July 2007, being the last business day prior to  the  date  of
         this announcement; and
(ii)  a premium of approximately 18.4 percent. to the closing  mid-market  price
         of 55.75 pence per iSOFT Share on 16 October 2006, being the last business
         day prior to the announcement by iSOFT that it was reviewing  its  options
         with respect to the long term capital needs of its business  and  that  it
         had received a number of expressions of interest.

About CompuGROUP:@@end@@

CompuGROUP (www.compugroup.com) is one of  the  leading  e-health   companies  in Europe. Its products aim  to  provide  efficient   communication,  cost-effective organisation and secure documentation, as  well  as  enhancing  quality  levels

@@start.t3@@within healthcare and providing medical expert systems.  The company's  software and  communications  solutions  provide  support  to  about    255,000    doctors, dentists, hospitals, associations and networks  as  well  as  to  other  service providers in Europe. More than 50 subsidiaries located in  9  countries  operate under the umbrella of CompuGROUP Holding  AG.    The  company  currently  employs about 1,500 people and reported revenues of EUR 140 million and  EBITDA  of  EUR@@end@@

38.4 million in 2006.  CompuGROUP listed on the Frankfurt Stock   Exchange  on  4 May 2007.

Stock codes:

Frankfurt Stock Exchange, Prime Standard: COP ISIN DE 0005437305, WKN 543730 Bloomberg: COP GR Reuters: COPMa.DE

Media, investor and analyst conference call:

CompuGROUP will host a conference call for analysts,  investors  and the  media today, July 20, at 13h30 CET (12h30 BST). Frank Gotthardt, President and CEO  of CompuGROUP,  and  Dr.  Erik  Massmann,  CFO,   will  comment  on    the    proposed transaction and will be available for questions.

Conference call numbers are:

Participant Dial in: +44 (0)1452 561 263 (London) +49 (0)69 2 222 20427 (Frankfurt) Conf ID: 10665830

Encore Replay will be available 30 minutes after the call ends for 7 days Encore Replay number: +44 (0)1452 550000 Access number: 10665830#

A slide pack on the offer will be available on the CompuGROUP website www.compugroup.com by the start of the conference call.

For additional information please contact:

Brunswick Group LLP Fiona Laffan (London), +44 20 7404 5959 Hartmut Vennen (Frankfurt), +49 69 2400 5510

----------------------- [1] Onvista, 20 July 2007

@@start.t4@@end of announcement                                                 euro adhoc 20.07.2007 12:43:40
--------------------------------------------------------------------------------@@end@@

ots Originaltext: CompuGROUP Holding AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Ralf Glass
Vicepresident CEO support
Tel.: +49 (0)261 8000 1236
E-Mail: investor@compugroup.com

Branche: Software
ISIN:      DE0005437305
WKN:        543730
Börsen:  Börse Frankfurt / official dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse München / free trade



Weitere Meldungen: CompuGROUP Holding AG

Das könnte Sie auch interessieren: