ForgeRock (NYSE:FORG) fell 3.4% as shareholders voted to approve the planned sale to Thoma Bravo.
ForgeRock (FORG) holders vote to approve the deal at a 12pm holder vote, according to an trader who listened to a broadcast of the meeting.
ForgeRock (FORG) investors are likely disappointed that an unidentified strategic bidder that was considering an offer for the company didn’t make a bid for the identification-verification software before the vote. ForgeRock disclosed last month that an unidentified strategic buyer, identified as “Party E,” was considering making an offer for the company.
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. There’s concern that DOJ may try to block the deal due to potential 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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Source: Seeking Alpha