Quest Software gets $2.32 billion bid from strategic bidder

Reuters News
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Posted: Jun 25, 2012 8:46 AM
Quest Software gets $2.32 billion bid from strategic bidder

(Reuters) - Quest Software said a strategic bidder proposed to buy the maker of enterprise management software for about $2.32 billion in cash, trumping an earlier offer of nearly $2.17 billion from private investment firm Insight Venture Partners.

The new offer of $27.50 per share from the unidentified bidder is at a 5 percent premium to Quest's Friday close of $26.22.

(Reporting by Supantha Mukherjee in Bangalore and Nadia Damouni in New York; Editing by Sriraj Kalluvila)