Hurdle removed in CSC iSoft buy

The NSW Supreme Court last week removed an obstacle to CSC's purchase of iSoft, according to iSoft investor Oceania Capital Partners.

The NSW Supreme Court last week removed an obstacle to CSC's purchase of iSoft, according to iSoft investor Oceania Capital Partners.

Oceania Capital Partners said a month ago that RJL Investments, a company controlled by former iSoft executive chairman and founder Gary Cohen, had filed legal proceedings against Oceania subsidiary Oceania Healthcare Technology Investments (OHT). Cohen left iSoft in August last year.

Cohen's firm claimed that the circumstances of the CSC proposal forced OHT to serve a transfer notice to RJT, providing it with 15 business days to acquire 15 per cent of the shares. Oceania had control of 24.5 per cent of issued iSoft shares.

Cohen has been reported as saying previously that he'd been approached with better offers for the firm than that put forward by CSC. The transfer notice would allow him to make use of the alleged offers, delaying the CSC takeover.

However, Oceania said that the court ruled on Friday that RJL's propositions were without foundation, dismissing the proceedings.

Oceania again said that it supported CSC's proposal to buy iSoft.

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