March 12, 2012 – Business services management and virtualization provider Quest Software is moving forward with a $2 billion deal to go private, though it will be open to other buyout offers.
Private equity firm Insight Venture Partners would pay $23 per share in cash to Quest stockholders not affiliated with the firm in a deal already approved by boards of directors at both companies, according to the announcement on Friday. The deal includes a “go-shop” clause where a special committee from the equity firm will solicit, receive and possibly enter into negotiations for Quest to accept “any potential superior proposal” to the $2 billion private buyout within 60 days. Acceptance of an alternate offer includes a “break-up” fee of $4.2 million paid by Quest, which is increased to $6.3 million after that go-shop period passes.
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