Quest Receives Superior Offer, Awaits Response from Insight
June 18, 2012
Quest Software (NASDAQ: QSFT) has received a proposal from a strategic bidder to be acquired for $25.50 per share in cash, valuing the company at $2.14 billion. The company has concluded that the offer constitutes a Superior Proposal to the $23 per share offer from Insight Venture Partners that resulted in a definitive agreement between the two parties on March 9. Under the Insight Merger Agreement, the firm has a minimum of three business days to submit a revised proposal.