Cork software firm receives third buyout offer in a year

Quest Software, the Cork-based company which agreed to be bought by a group led by Insight Venture Partners, says it has received a higher offer of $27.50 (€22) a share in cash, the third buyout increase announced this year.

The bid from an unidentified strategic suitor is superior to a $25.75-a-share offer Quest accepted from Insight last week. Dell had previously offered to acquire Quest, according to a person familiar with the matter. Quest employs 220 people at its office in Mahon, Co Cork.

In March, Quest said it had agreed to be acquired by Insight for $23 a share, and two months later said it received several other proposals that it anticipated would lead to a superior offer.