FORG - ForgeRock falls ahead of Thursday holder vote no sign of strategic bidder

ForgeRock ( NYSE: FORG ) dropped 3% ahead of a Thursday shareholder vote for its planned sale to private equity firm Thoma Bravo.

Investors are concerned that an unidentified strategic bidder that was considering an alternative offer for the company has still not a made a bid for the for maker of identification-verification software before a Thursday shareholder vote. Some traders believed that if the unidentified buyer was going to make a bid, it would have come by now.

ForgeRock ( FORG ) disclosed last month that an unidentified strategic buyer, identified as "Party E," was considering making an offer for the company. ForgeRock shares have fallen 8.7% in a month since the strategic bidder was disclosed on Dec. 8.

One trader also highlighted that a revised proxy filing on Friday didn't mention "Party E" in the document.

Investors are worried after ForgeRock said last month that it received request for more information from the Dept. of Justice in regards to its $23.25 a share planned sale to Thoma Bravo. The second request came after Thoma Bravo pulled and refile d its ForgeRock ( FORG ) merger notice with U.S. antitrust regulators in November to give the DOJ more time to review the combination. Investors were concerned 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 ) followed the private equity firm agreeing to buy Ping Identity for $2.8 billion in August and SailPoint Technologies for $6.9 billion in April.

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