Quest Software Bid May Signal M&A Appetite (Update 1)
Updated to reflect added detaill about strategic bidder, closing stock prices
NEW YORK ( TheStreet) - After agreeing to a $2 billion private equity buyout offer in March, Quest Software (QSFT) is surging after it revealed that it's received a higher $25.50 a share offer from an unnamed "strategic" bidder.
In March, Quest Software, a maker of enterprise software products, accepted a $23 a share bid by private equity firm Insight Venture Partners, which valued the Aliso Viejo, Calif.-based company at $2 billion. However, on Thursday, Quest said that it received a higher offer during a 60-day "go shop" period to find shareholders a higher takeover bid.
The announcement could signal a bidding war for the software company after previous media reports and analyst comments that companies as large as Dell (DELL - Get Report) may be interested in acquiring the company.
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