(AP) - THE BIDS: Quest Software Inc. said Thursday that an unnamed party is offering about $2.15 billion to buy the business software maker. The $25.50 per share bid tops a previous $23-per-share offer made by Insight Venture Partners in March.
GOING FORWARD: Quest's board has decided the $25.50 per share bid is superior. Insight has three days to match the offer.
BREAKUP FEE: If Quest goes with a buyer other than Insight, it would be required to pay a break-up fee of $4.2 million or $6.3 million. The exact amount would be determined by the timing of the new proposal.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)