The U.S. Dept. of Justice is investigating Oracle Corp.’s proposed $685 million buyout of Phase Forward Inc.
The U.S. Dept. of Justice is investigating Oracle Corp.’s (NSDQ:ORCL) $685 million bid to acquire Phase Forward Inc. (NSDQ: PFWD), according to a filing with the Securities and Exchange Commission.
The Waltham, Mass.-based clinical trial data management provider said it received a “Request for Additional Information” May 27 from the Justice Dept., meaning an extension of the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to the filing.
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“Phase Forward is in the process of gathering information to respond to the second request and is working cooperatively with the DOJ in an effort to obtain termination of the pre-merger waiting period,” according to the filing.
In April, Oracle offered $17 per share in cash for Phase Forward, looking to integrate it into the global health sciences division Oracle established in June 2008. Phase Forward shareholders are slated to vote on the proposed merger June 22.
Phase Forward posted sales of $57.2 million for the three months ended March 31, up 17.2 percent compared with $48.8 million during Q1 2009.
But net income slipped 52.6 percent to $1.9 million, or 5 cents per diluted share, compared with $4.1 million, or 9 cents per diluted share, during the same period last year.
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
