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News Summary: Quest Software gets higher bid

Thursday - 6/14/2012, 12:30pm  ET

By The Associated Press

(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.

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