Quest says unnamed firm offers to buy it for $2.3B
System management software vendor won't identify bidder; speculation points to Dell
IDG News Service - System management software vendor Quest said Monday that an unnamed "strategic bidder" had submitted an acquisition offer of $27.50 per share, or approximately $2.3 billion.
Earlier this year, Quest announced that it was going private via a $23 per share buyback with equity firm Insight Venture Partners, but said that it would entertain better offers.
On June 14, Quest said it had received a $25.50 per share offer from a strategic bidder, and shortly thereafter Insight Venture raised its offer to $25.75 per share, with Vector Capital joining the deal.
As for the offer announced Monday, "the definitive terms and conditions of a merger agreement detailing the proposal have been fully negotiated, and the agreement is subject only to execution by the Company," Quest said in a statement.
There are a number of possibilities as to the identity of the bidder, but Dell, which recently launched a new software division, has been the subject of the most persistent speculation.
It wasn't immediately clear whether other suitors, which could include systems management vendors such as BMC and Hewlett-Packard, would submit counterbids.
Quest is known for its Toad database management software, and also offers Windows Server and data protection tools.
Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris's e-mail address is Chris_Kanaracus@idg.com
- The Brave New World of Customer-Centric Manufacturing The Unique Opportunity for Manufacturers to Better Understand their Consumers
- See the Possibilities Utilizing Data Visualization Do you simply want to collect data, or do you want to derive business insights from it? What if you could quickly and...
- The Future of IT: A Customer First Approach Explore how customer-first policies can make use of social, mobile and cloud technologies to give workers the freedom and flexibility they desire to...
- Aberdeen Group: Marketing Analytics for Manufacturing: Forging Customer Insights There are no recalls for poor marketing. Manufacturers need to get their customer intelligence and messaging right the first time. Learn how.
- Bringing software licenses into compliance A hospital group received a software license audit, so they called in CDW to help define and manage their software licensing status.
- Software license renewal solutions that insure compliance A large design group with a software license renewal challenge employs a software asset management (SAM) tool from CDW to insure compliance. All IT Industry White Papers | Webcasts