FORG - ForgeRock falls after DOJ request for more information on Thoma Bravo deal

• ForgeRock ( NYSE: FORG ) dropped 1% in after hours trading after disclosing it received a request for more information from the Dept. of Justice in regards to its planned sale to Thoma Bravo.
• ForgeRock ( FORG ) and Thoma Bravo each received a "second request" from the DOJ on Thursday, according to an 8-K filing. The parties expect to promptly respond to the second request and to continue working cooperatively with the DOJ.
• The second request comes after Thoma Bravo pulled and refile d its ForgeRock ( FORG ) merger notice with U.S. antitrust regulators last month to give the Dept. of Justice more time to review the combination. Investors have had concerns that the company's $2.3 billion sale to Thoma Bravo may see an in-depth antitrust review due to concentration in the identity management sector.
• The Thoma Bravo deal for ForgeRock ( FORG ) comes after the private equity firm agreed to buy Ping Identity for $2.8 billion in August and SailPoint Technologies for $6.9 billion in April.
• Earlier this month ForgeRock ( FORG ) disclosed that an unidentified strategic buyer was recently considering making an offer for maker of identification-verification software.
• A Morgan Stanley analyst late last month argued that the Thoma Bravo deal is likely to close in the 1H of next year as the antitrust concerns may be overblown. The MS analyst highlighted that Microsoft ( MSFT ) and Okta ( OKTA ) have become more competitive in the large enterprise segment .

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