BOSTON, March 9, 2012 /PRNewswire/ -- Block &
Leviton LLP, a Boston based law
firm with experience representing investors nationwide, is
investigating possible breaches of fiduciary duties by the Board of
Directors of Quest Software Inc. ("Quest" or the "Company")
(Nasdaq: QSFT) concerning an offer by private equity firm Insight
Venture Partners ("IVP") to take the Company private in a
transaction valued at only $2
billion.
The investigation centers on whether Quest's Board of Directors
adequately protected shareholder interests, and properly maximized
shareholder value, by agreeing to sell the Company for $23 per share, which represents a mere 19%
premium over yesterday's closing price. The Company traded as
high as $26.15 as recently as
May 2011 and at least one analyst has
targeted the shares at $29.00.
Under the terms of the proposed acquisition, Quest's CEO,
Vincent C. Smith, and members of Mr.
Smith's management team will continue to run the Company after it
is taken private. The agreement also calls for an onerous
$4.2 million breakup fee paid to IVP
if the deal falls through during a 60 day "go-shop" period.
That fee rises to a $6.3 million
after the end of the period.
If you own stock in Quest and have any questions, or are
interested in learning more about how to protect your rights,
please contact us.
BLOCK & LEVITON LLP
Whitney E. Street
whitney@blockesq.com
(617) 398-5630
The attorneys at Block & Leviton have more than 50 years of
experience in representing individual and institutional investors
in shareholder rights actions.
This may constitute attorney advertising.
SOURCE Block & Leviton LLP