Privatisation of Quest may attract higher bids
Quest, based in Aliso Viejo, California, advanced 22% to $23.62 in early trading yesterday. The $2bn (€11.5bn) offer, announced in a statement yesterday is 19% higher than Quest’s closing price on Thursday.
The company, which on Feb 14 appointed executive chairman Vinny Smith as chief executive, has reinvented its business model in recent years by acquiring small applications, such as software companies and could attract higher offers, said Brian Freed, an analyst at Wunderlich Securities in Denver.