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ISoft talks with preferred buyer on hold - paper

Tue Feb 13, 2007 10:04pm EST

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LONDON, Feb 14 (Reuters) - Talks between the preferred buyer of iSoft Group Plc IOT.L and the British software firm have been put on hold, casting a shadow over the 200-million-pound ($388 million) sale of the company, the Times reported on Wednesday.

Mergers & Acquisitions

U.S. drug wholesaler McKesson Corp. (MCK.N) was understood to be front-runner but talks with iSoft's key contractor had broken down over contract conditions, the British newspaper said.

"McKesson would be the best buyer because they're a cash bidder, but they would have to be persuaded to drop all their current demands," a source close to the sale was quoted as saying. "Until they do that they've been told that they're not going forward."

Computer Sciences Corp. (CSC.N) sub-contracts work to iSoft from Britain's National Health Service.

A comment was not immediately available from iSoft or McKesson. ($1=.5153 Pound)

Mergers & Acquisitions


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