ALISO VIEJO, Calif. (AP) — Quest Software Inc. has received buyout offer worth about $2.15 billion from an unnamed party, a proposal superior to an existing offer that may create a bidding war for the business software maker.
Quest's stock soared $2.10, or 8.8 percent, to $25.97 in midday trading on Thursday.
Quest said it has received an offer of $25.50 per share from an undisclosed buyer. The offer is a 7 percent premium to the company's Wednesday closing price of $23.86.
In March Quest announced that it was being purchased by investment firm Insight Venture Partners for $23 per share. At the time, the company said the Insight deal was valued at about $2 billion. Quest had 60 days to solicit and review bids from potential buyers.