News Summary: Quest Software gets higher bid

AP News
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Posted: Jun 14, 2012 12:30 PM
News Summary: Quest Software gets higher bid

THE BIDS: Quest Software Inc. said Thursday that an unnamed party is offering about $2.15 billion to buy the business software maker. The $25.50 per share bid tops a previous $23-per-share offer made by Insight Venture Partners in March.

GOING FORWARD: Quest's board has decided the $25.50 per share bid is superior. Insight has three days to match the offer.

BREAKUP FEE: If Quest goes with a buyer other than Insight, it would be required to pay a break-up fee of $4.2 million or $6.3 million. The exact amount would be determined by the timing of the new proposal.