A few weeks back, we reported that Micro Focus had tendered an offer to acquire ALM software maker Borland. Since then, another company has come forward to make a play, and one rumor has it that the suitor is Serena.

The company looking to top Micro Focus' bid is privately owned, according to SEC filings (remember Serena was taken private by SilverLake Partners back in 2005), and has the financial wherewithal to come in to play. There is quite a bit of overlap in the product lines—both offer SCM, requirements management and change management products—but Borland does have a few jewels Serena might covet. Among them are TeamDefine, an interactive simulation tool designed to be used during the requirements gathering process; Together, the venerable tool for modeling software architecture; and Silk, for quality assurance.

"Borland's value seems cheap," said a hedge fund manager who requested anonymity. "It's an opportunity for Serena to pick up assets on the cheap."

In an SEC filing, the unnamed company said it could reach an agreement with Borland in two weeks, and that was a week ago. So, the Borland saga could very well be resolved by then. Unless, of course, Micro Focus raises the stakes once again.