FORG - ForgeRock/Thoma Bravo timing agreement with DOJ set to expire on Aug. 15 - report
2023-08-08 10:27:47 ET
Thoma Bravo's timing agreement with the Dept. of Justice on its planned purchase of ForgeRock ( NYSE: FORG ) is set to expire on Aug. 15.
Thoma Bravo has agreed not to close its planned $2.3 billion purchase of ForgeRock ( FORG ) without approval from the Justice Department before Aug. 15, according to an MLex report on late Monday, which cited a person familiar with the matter.
The DOJ is reviewing new information it received in late July to decide if it will move to block the deal or approve it, according to the report.
ForgeRock ( FORG ) on Monday said 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.
The latest update comes after Dealreporter late last month said that Thoma Bravo and ForgeRock ( FORG ) hadn'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. 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.
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ForgeRock/Thoma Bravo timing agreement with DOJ set to expire on Aug. 15 - report