BREAKING NEWS FROM CNBC’S KAYLA TAUSCHE: INSIGHT WORKING ON INCREASE TO QUEST SOFTWARE BID
Following is the unofficial transcript of breaking news from CNBC’s Kayla Tausche. Following is a link to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000096320.
All references must be sourced to CNBC.
TAUSCHE: WELCOME BACK TO SQUAWK ON THE STREET I’M KAYLA TAUSCHE WITH SOME BREAKING NEWS. TAKE A LOOK AT QUEST SOFTWARE IT’S IN THE MIDDLE OF A BIDDING WAR TODAY ANNOUNCING IT GOT A SUPERIOR PROPOSAL TO THE PREVIOUS DEAL IT HAD WITH INSIGHT VENTURE PARTNERS A BUYOUT LET BY CEO VINNY SMITH. BUT IT MIGHT GET ONE BETTER SOURCES TELL ME INSIGHT IS LIKELY TO INCREASE ITS BID ITS CURRENTLY WORKING ON A REVISION TO ITS PREVIOUS OFFER OF $23 A SHARE OR AROUND $2 BILLION FOR QUEST. THE COMPANY IS TRADING THROUGH THE NEW $25.50 OFFER PRICE BY AN UNNAMED BIDDER WHICH MANY EXPECT TO BE DELL BUT IS UNCONFIRMED AND THAT’S AN EXPECTATION OF A HIGHER DEAL. QUEST HAD 60 DAYS AFTER THE MARCH 9TH ANNOUNCEMENT OF ITS FIRST DEAL WITH INSIGHT TO SOLICIT ADDITIONAL OFFERS AND THIS NEWS COMES OUTSIDE THAT PERIOD BUT EVEN SO INSIGHT’S PREVIOUS OFFER AT $210 MILLION IN EQUITY AND OVER A BILLION DOLLARS IN DEBT BUT ITS RECEIVED A FINANCING COMMITMENT TO RAISE ITS OFFER SHOULD IT CHOOSE TO DO SO UNDER THE CURRENT AGREEMENT QUEST GIVES INSIGHT A THREE DAY GRACE PERIOD TO WORK ON A REVISION. INSIGHT DECLINED TO COMMENT AND QUEST COULD NOT BE REACHED FOR COMMENT BUT THE STOCK TELLS THE STORY TODAY.
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