Phase Forward Inc. (NSDQ:PFWD) is another step closer to merging with software giant Oracle Corp. (NSDQ:ORCL).
The U.S. Dept. of Justice gave the companies clearance to proceed with their $685 million deal, announced in April.
The $17-per-share buyout hit a snag in June when the DOJ prolonged an investigation by requesting more information from Phase Forward, thereby extending the procedural waiting period required by the Hard-Scott-Rodino Antitrust Improvements Act of 1976.
Shareholders of the Waltham, Mass.-based life sciences data management firm have already approved the acquisition, but consummation of the deal remains subject to "the satisfaction or waiver" of the other unspecified closing conditions in the companies’ merger agreement, according to Phase Forward.