InfoAnda - Exclusive: Dell bids $2.32 billion for Quest Software

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See the best of Reuters photography. See more | Photo caption Hunting hogs in Alabama The wild boar was once the most prized catch in ancient Greece. Slideshow Rise of the megacities Cities of over 10 million are growing fast. Slideshow Exclusive: Dell bids $2.32 billion for Quest Software - source Tweet Share this Email Print Related News Timeline: Bidding war for Quest Software gets intense 12:22pm EDT Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » A company logo of Dell is seen on the cover of its laptop at a Dell outlet in Hong Kong October October 21, 2009. Credit: Reuters/Bobby Yip By Nadia Damouni and Supantha Mukherjee Mon Jun 25, 2012 12:22pm EDT (Reuters) - Quest Software Inc has received an improved bid from Dell Inc to buy the maker of enterprise management software for about $2.32 billion, a source close to the matter said on Monday. Two bidders have recently been competing to buy Quest: a buyout group led by private investment firm Insight Venture Partners, and an undisclosed bidder. On Monday, a source close to the matter told Reuters that the mystery bidder was actually Dell. Quest disclosed on Monday that it had received an improved bid of $27.50 per share in cash from the mystery bidder, but did not reveal the bidder's identity. Reuters reported on May 25 that Dell planned to offer $23 to $26 per share to buy Quest. The source who spoke to Reuters on Monday requested anonymity because the takeover talks are private. Dell declined to comment on Monday, and a Quest representative was not immediately available for comment. Dell's offer beats an earlier bid of nearly $2.17 billion or $25.75 a share from the Insight Venture Partners buyout group which includes Vector Capital. Shares of Quest were up 5.3 percent at $27.61 on Monday morning on the Nasdaq, suggesting that investors expect a counter-offer to emerge. Quest said its board of directors has determined the new proposal is superior to prior offers. Last week, Quest agreed to sell itself to Insight for $25.75 per share, after the private investment firm and new partner Vector Capital raised their bid. The Insight-Vector cash offer of $25.75 a share had topped a $25.50 bid made by a "strategic bidder" that Reuters later identified as Dell. The terms of the agreement, not including the price, are similar to the original proposal from Dell, including no financing conditions and paying the bidder a breakup fee of 3.5 percent. Insight would have the right to match rival offers, or adjust its own bid. The venture capital investment firm has three days to respond on the offer, according to terms in the merger agreement. Aliso Viejo, California-based Quest is led by Chief Executive Vinny Smith, who has served as either chairman or CEO for more than a decade. Any deal with Quest is fraught with complications as roughly 34 percent of Quest is owned by Smith, who took over in February after Doug Garn stepped down, citing poor health. BIDDING WARS Major tech companies have often preferred to keep their identities private when bidding wars start to heat up. This helps prevent the bidder from feeling compelled to overpay and also spares it the public embarrassment of an unsuccessful takeover attempt. One of the last public battles was when Dell fiercely competed against Hewlett-Packard Co for data storage company 3Par Inc in 2010. Dell spurred that fight with an $18-a-share bid, but HP ended up buying the company for $33 a share. On-again, off-again talks between Dell and Quest had broken off last month, sources have said. Dell has yet to publicly acknowledge any interest in buying Quest. Dell shares were down 2.2 percent at $11.93 on Monday morning. (Reporting by Nadia Damouni in New York and Supantha Mukherjee in Bangalore; Editing by Maureen Bavdek and Matthew Lewis) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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