The Quest Software board that oversaw the Aliso Viejo-based company’s recent $2.4 billion sale to Dell Inc. received honors last week from The New York Times’ Dealbook, which pronounced the body worthy of a “shareholder appreciation award.” Dealbook noted that the Quest board maintained a “laser-like focus on shareholder value” even after it had a $2 billion offer on the table from Insight Venture Partners and Quest’s then-CEO Vinny Smith. That sort of offer “would typically end the matter, as an announcement of a management buyout tends to scare away other bidders.” Dell had shown interest, though, and a special committee formed by Quest’s board gave the Austin, Texas-based computer maker “an incentive to make a competing bid by agreeing to issue an option that would let it acquire a 19.9 percent stake to offset” Smith’s 34% holding in Quest. Dell decided to stay in the game, and ended up with the winning bid, which amounted to an additional $400 million for shareholders. Smith, whose stake in the sale came to about $800 million, has parted ways with Dell but is getting busy again, as our story on page 1 notes …
One of the three members of that Quest special committee received something better than Dealbook kudos this holiday season. Fitness entrepreneur Augie Nieto—who’s battling amyotrophic lateral sclerosis, or Lou Gehrig’s disease—got it from his son Austin, who closed 2012 by adding a hopeful note to the family’s holiday card. “This is the first year since your diagnosis almost eight years ago that I believe you are going to be with us for a long time,” wrote Austin, who recently got engaged and now is counting on his dad to be at the wedding. Augie helped get the holidays off to a good start some weeks back, sending along a video that showed him doing 100-pound leg lifts—mind-boggling progress from a fellow who could move only the toes on one foot earlier this year. Austin’s note bookends the season nicely for the Nieto family and their many friends and fans …
Former San Diego Padres honcho Jeff Moorad—who has a house in Big Canyon and remains active in a YPO forum here—stayed busy down south last week. He joined former Dodger Eric Karros and UCLA and NBA legend Bill Walton in hosting the Holiday Ball on the eve of the Bruins’ loss to the Baylor Bears in the Holiday Bowl at Qualcomm Stadium in San Diego. Proceeds from the ball went to the Wooden Athletic Fund …
How about this conversational pairing amid the holiday extravaganza at Glenn and Mindy Stearns’ home: recording artist and former American Idol champ Taylor Hicks and North OC-based Congressman Ed Royce, the incoming chair of the House Foreign Affairs Committee …
Just saying: The Angels’ decision to pass on Zack Greinke, who got a six-year, $147 million contract with the Dodgers, will look smart over time. The Halos’ trade of Kendrys Morales for pitcher Jason Vargas and his $4.85 million, one-year contract will look even smarter come October. Josh Hamilton’s five-year, $125 million deal with the Angels is anybody’s guess—but a clear shot across the bow of the Texas Rangers, in any case.
