Quest Software, which is a takeover play, said that it has received a better offer from an unnamed bidder at $25.50 a share.
The company agreed to be acquired by Insight Venture Partners for $2 billion, or $23 a share, in March. The new offer is valued at $2.1 billion.
Quest didn't reveal what company was behind the new bid, but did note that the buyer was "strategic." Quest had 60 days to shop for a new buyer after the Insight bid in March. Quest said the new bid was superior, but the board hasn't recommended it yet.
Quest’s software manages databases and backs up data. Quest's portfolio revolves around development and management tools on Windows and VMware.
Dell had been rumored to be interested in Quest but later reports said those talks broke down.
It remains to be seen what happens next, but a bidding war isn't out of the question.