Quest Software up Nearly 8% Pre-Market on Superior Proposal
Quest Software (NASDAQ: QSFT) istrading higher pre-market following the announcement of a receipt of a superior proposal. A strategic bidder has propopsed to acquire all of the outstanding shares of Quest Software's common stock for $25.50 per share in cash.
The earlier offer by Insight was $23.00 per share. According to Quest's news release, "Following the recommendation of the special committee of independent directors established by the Company's Board of Directors, the Company's Board of Directors determined that the proposal constitutes a Superior Proposal, as such term is defined in the Agreement and Plan of Merger dated March 8, 2012."
Quest Software is currently trading at $25.69, up $1.83 or 7.67% pre-market.
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