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Question of the Day
ROUND ROCK — Dell said Monday that it’s buying Quest Software for about $2.36 billion, ending recent speculation about who the unnamed bidder was in the battle for the company with investment firm Insight Venture Partners.
With consumer demand for PCs declining, Dell wants to branch out beyond the business of making personal computers into more lucrative fields. Helped by a recent string of acquisitions of software companies, Dell is trying to grow into advising corporations and governments on how to manage technology needs and selling them more software and computing equipment.
Dell said Quest would make it more competitive in the server, storage, networking and computing services business. Quest’s technology would add to its security and data protections offerings, along with other services aimed at business customers, Dell said.
The March bid was a 19 percent premium to the company’s closing stock price the day before the deal was announced. Dell’s $28 per share offer announced Monday is a 44 percent premium to Quest’s ending price of $19.40 from March 8.
Quest CEO Vinny Smith, who has a 34 percent stake in Quest, had agreed to support Insight’s offer in March. In a statement Monday, he said that with the Dell deal, Quest’s products and workforce would be the “foundation” for Dell’s software business.
Chinese fishermen sue ConocoPhillips over spills
HOUSTON — A group of Chinese fishermen is suing ConocoPhillips in U.S. federal court, claiming their livelihoods have been greatly impacted by a series of oil spills last year from the company’s operations in northeastern China.
The lawsuit filed Monday in U.S. District Court in Houston seeks unspecified damages.
An attorney for the fishermen says the lawsuit was filed in the U.S. because similar efforts in Chinese courts have been blocked, and the fishermen deserve to be compensated for their losses.
Calls and emails to Houston-based ConocoPhillips were not immediately returned Monday. The company previously apologized for the spills and has set up compensation funds.
The two spills occurred in June 2011 in the Bohai Sea. They released a combined 723 barrels of oil and 2,620 barrels of mineral oil-based drilling mud.
• From wire dispatches and staff reports
By Matt Kibbe
The short-term deal will assure long-term overspending
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