FORG - ForgeRock gains amid report timing agreement with DOJ extended until Aug. 21

2023-08-11 15:26:16 ET

ForgeRock ( NYSE: FORG ) ticked up 0.8% amid a report that Thoma Bravo has extended its timing agreement for its planned acquisition for another week until Aug. 21.

The parties have agreed not to close the $2.3 billion deal until Aug. 21, according to a Dealreporter item, that cited people familiar with the matter. The extension gives the antitrust regulator additional time to review more information it received about the deal in late July.

The latest update comes after a report on Tuesday that the timing agreement for the deal was set to expire on Aug. 15.

ForgeRock ( FORG ) on Monday in its Q2 earnings release that it continues to cooperate with the DOJ in connection with its review of the proposed acquisition and expects to consummate the transaction in the third quarter of 2023.

Last month, Politico Pro reported that the DOJ wants more information about Microsoft ( MSFT) and its efforts in cyber security as it probes the ForgeRock deal.

The latest updates follow reports last month that the DOJ appeared to be leaning toward a lawsuit to block the combination. The regulator remains concerned that the company is too close a competitor to Ping, which Thoma Bravo acquired last year.

More on ForgeRock/Thoma Bravo

• F orgeRock drops amid note on antitrust concerns about Thoma Bravo deal
• ForgeRock gains amid report that DOJ will continue talks over Thoma Bravo deal
• ForgeRock: Undervalued And Likely To Benefit From AI And Thoma Bravo Acquisition
• ForgeRock deal unlikely to be derailed by competition concerns - analyst
• Antitrust regulator focus on private equity deals creating challenge, Orlando Bravo says

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