Dell and Quest software officially revealed what the world already knew: that Dell was in a bidding war against a band of private equity firms to buy Quest Software.
The two companies announced that Dell would buy Quest for $2.4 billion -- slightly more than Dell's own last bid of $2.32 billion
Dell will pay $28 a share for Quest -- or $5 more per share than what Quest was willing to take before the bidding war started in May.
Quest's chairman and CEO Vinny Smith didn't want to sell to Dell, reports the Wall Street Journal. Smith wanted to sell to private equity firms Insight Venture Partners and Vector Capital. This set off a tug-of-war for the company. Smith wanted to sell to the private equity firms so badly, that in June, when they were able raise enough funds to offer $2.17 billion and top Dell's latest bid, Quest issued a press release announcing the deal with them.
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