iSoft bidding battle heats up

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Australia's IBA Health rejoined the aggressive bidding war for the U.K.-based iSoft when it increased its offer to £166 million ($330.4 million, U.S.), surpassing a rival offer from Germany's CompuGroup.

IBA had previously tabled its offer of a £140 million ($278.7 million) all-share offer when CompuGroup’s £160 million ($318.4 million) all cash offer received the support of the iSoft board in July this year.

IBA strengthened its offer for iSoft after Allco Equity Partners, a private equity house, offered to provide up to £122 million ($242.7 million) to finance the deal.

iSoft said its board "will consider the revised IBA offer and will respond in due course."