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Keynote rejects acquisition bid

Keynote Systems, a company that tracks the speed and performance of the Internet, announced Thursday that it rejected an unsolicited bid from an investment firm. The firm had offered to pay nearly $8.81 a share in cash for Keynote, subject to contingencies. Keynote rejected the offer, saying it was not in the best interest of shareholders.

The acquisition bid, however, may have been more attractive to shareholders than the option of selling their shares back to Keynote at a range of $7 to $8 a share under the company's Dutch auction tender offer. Keynote is offering to buy back investors' shares through Tuesday, as it seeks to collect 10 million shares, or nearly 37 percent of its outstanding common stock. Keynote shares, which have been trading at less than $8 in the past week, were up 38 cents, or about 4.8 percent, at $8.24 in Thursday's midday trading on the Nasdaq.