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Shares in iSOFT Group Ltd (ASX:ISF) surged over 188 per cent yesterday, after the computer software developer agreed to a takeover bid from US-based Computer Sciences Corporation.

iSOFT has inked an agreement with Computer Sciences Corporation’s Australian subsidiary to buy iSOFT for $0.17 cash per share, or around $188 million. 

iSOFT’s board have unanimously backed the deal which is still pending shareholder and regulatory approvals.

If the transaction proceeds Computer Sciences Corporation will also cover the cost of ISOFT’s bank debt estimated at around $260 million, in addition to paying out a convertible note thought to be $40 million. 

On Monday shares in iSOFT Group rose 188.46 per cent to close at $0.15.

In the first six months of the 2011 financial year, iSOFT Group reported a net loss of $84 million.