MSFT - ForgeRock seesaws amid report Thoma Bravo still engagng with Jusitce Dept.
2023-07-28 13:44:30 ET
ForgeRock ( NYSE: FORG ) is seesawing amid a report that Thoma Bravo continues to engage with the Justice Department as it reviews the FORG acquisition. It's not clear if the parties will be able to satisfy the regulator's antitrust concerns about the deal.
Thoma Bravo and ForgeRock ( FORG ) haven't triggered a 10-day notification period where the parties have to inform the DOJ if they intend to close the deal under a timing agreement with the antitrust regulator, according to a Dealreporter item, that cited sources familiar.
Microsoft ( MSFT ) confirmed to DealReporter that the DOJ reached out to the company as an interested third party in its review of the ForgeRock/Thoma Bravo transaction.
The latest update comes after Politico Pro last week said the DOJ wants more information about Microsoft ( MSFT ) and its efforts in cyber security as it probes the $2.3 billion purchase of ForgeRock ( FORG ).
The companies had given the DOJ until July 26 to decide whether the regulator would sue, according to a Politico report earlier this month.
The updates follow reports earlier this month that the DOJ appeared to be leaning toward a lawsuit to block the ForgeRock ( FORG ) deal with Thoma Bravo. The regulator remains concerned that the company is too close a competitor to Ping, which Thoma Bravo acquired last year.
The latest reporting also comes after French defence electronics and cybersecurity company Thales ( OTCPK:THLEF ) agreed to buy U.S. cybersecurity company Imperva from Thoma Bravo in a deal worth $3.6B on an enterprise value basis.
More on ForgeRock/Thoma Bravo
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- 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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ForgeRock seesaws amid report Thoma Bravo still engagng with Jusitce Dept.