Shares of ForgeRock Inc. FORG, +49.04% rocketed 49.9% in premarket trading Tuesday, after the identity management software company announced an agreement to be acquired by investment firm Thoma Bravo in a cash deal valued at $2.3 billion. Under terms of the deal, ForgeRock shareholders will receive $23.25 in cash for each ForgeRock share they own, which represents a 53.4% premium to Monday’s closing price of $15.16. The deal is expected to close in the first half of 2023. “The transaction offers a unique opportunity to create value for all of our stakeholders and is a clear validation of our team’s outstanding work and the start of an exciting new chapter for ForgeRock, our customers, and our partner ecosystem,” said ForgeRock Chief Executive Fran Rosch. The stock has tumbled 30.7% over the past three months while the S&P 500 SPX, +0.39% has slipped 6.3%.
