Quest Software buys 11.44 million shares in Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Quest Software, Inc. said it has accepted for purchase 11.44 million shares of its common stock for $12.50 each in its Dutch auction tender offer that ended Dec. 9.

The total cost for the purchase is $143 million, not including fees and expenses, according to a Quest news release.

Quest said the 11.44 million shares purchased represent 10.8% of its shares outstanding on Dec. 9.

A total of 15,640,339 shares, including 27,759 odd-lot shares, were validly tendered in the offer at the $12.50-per-share price, for a final proration factor of 73.1%, the release said.

The total number of shares purchased includes 1,784,000 additional shares Quest elected to purchase under the terms of the tender offer.

On Nov. 7, Quest began the offer for up to 9,656,000, or 9.1%, of its common shares. The purchase price would not be greater than $14.50 or less than $12.50 per share for a maximum total purchase price of about $140 million, it was previously reported.

Quest Software is an enterprise systems management vendor based in Aliso Viejo, Calif.

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