Ann: iSOFT Group and RJL Investments Pre-Emption , page-9

re: Ann: OCP: iSOFT Group and RJL Investments... I doubt very much there is another bidder - Cohen is just the maverick that wants to force CSC to raise the bid price - after all, on the total cost of the bid to CSC, plus what they may need to spend on integration and restoring profitability, another 5cps to shareholders is relatively small change - maybe as little as 10% increase in their total cost.

Cohen has already lost much of the value of his shares, so he has less to lose than OCP, who stand to at least get their debts repaid in full by the deal. OCP cannot afford to take any risk of the deal failing.

This is a tug-of-war between four parties that all want the deal to succeed - CSC, the banks, OCP and (perhaps reluctantly), the Cohens. In this case, the one most willing to let the deal fail will have the strongest negotiating power. The guessing game is how much CSC are prepared to pay before they decide they're happy to take their odds on being able to get a post-failure deal with the banks instead. OCP are probably in the weakest negotiating position and have to (at least be seen to) be doing their utmost to close it. Makes sense for Cohen to be the one to apply a squeeze.