2023-07-14 15:30:47 ET
ForgeRock ( NYSE: FORG ) rose 1.2% amid a report that the Dept. of Justice agreed to continue to meet with Thoma Bravo as it tries to decide if it will approve or sue to block the firm's $2.3 billion sale.
Private equity firm Thoma Bravo and ForgRock met with top Justice Department officials on Friday in an attempt to convince the regulator to approve the deal, according to a Bloomberg report, which cited people familiar with the matter.
DOJ antitrust head Jonathan Kanter was at the meeting and hasn't made a decision at this point, Bloomberg said. The DOJ will continue talks with the companies over the next week.
The Bloomberg story comes after a Politico report on Monday that the DOJ is nearing a deadline for a decision late this month on whether it will file a lawsuit to block the ForgeRock ( FORG ) deal. The regulator remains concerned that the company is too close a competitor to Ping, which Thoma Bravo acquired last year.
The companies have given the DOJ until July 26 to decide whether the regulator will sue, according to the Politico report. The DOJ appears to be leaning toward filing a lawsuit , according a Capitol Forum report that was circulating on Tuesday.
Investors have been concerned about the deal after ForgeRock said in December it received a request for more information from the DOJ in regard to its planned $23.25 per share sale to Thoma Bravo.
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ForgeRock gain amid report that DOJ will continue talks over Thoma Bravo deal