Law360, New York (March 27, 2012, 9:32 PM ET) -- A putative shareholder class action filed Tuesday by a union pension fund seeks to block private equity group Insight Venture Partners LP's $2 billion acquisition of database applications maker Quest Software Inc., saying Quest is worth more than Insight has offered.
The Central Laborers' Pension Fund claims Quest board members breached their fiduciary duties by accepting Insight's $23-per-share offer. According to Tuesday's complaint, the merger agreement has “improper terms” designed to favor Insight and “deter alternative bids,” including a termination provision that could require Quest to...
Quest Investor Sues To Halt $2B Insight Buyout
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