Takeover Battle for Quest Software Heats Up (QSFT)

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The takeover battle for Quest Software Inc. (NASDAQ:QSFT) is heating up, with the business-software company today announcing the receipt of a superior offer from a “strategic bidder”.

QSFT, which received a $25.75 a share takeover offer from Insight Venture, last week, today said that it received a $27.50 per share takeover offer from a strategic bidder. The company did not disclose the name of the bidder. The Wall Street Journal, citing a person with knowledge of the matter, says that the bidder is personal computer maker Dell Inc. (NASDAQ: DELL).

The $27.50 per share offer is nearly 20% above the $23 per share initial offer Quest received back in March from Insight Venture. It will be interesting to see if Insight Venture raises its offer once again following the latest proposal to acquire Quest Software. The private equity firm has three days to match the offer from the strategic bidder or come up with an offer that is superior.

QSFT stock is gaining momentum in early trading today as investors expect the takeover battle to continue. At last check, QSFT was trading 5.61% higher at $27.69 on above average volume of 1.74 million.

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