Shareholders of Phase Forward Inc. (NSDQ:PFWD) voted to approve a $685 million acquisition bid from Oracle Corp. (NSDQ:ORCL).
The Waltham, Mass.-based clinical trial data management firm also announced the dismissal of a lawsuit filed by stockholders, accusing the company and its management of breaching their fiduciary duties in agreeing to the merger and seeking to block the deal.
But the company must clear another legal hurdle before the deal can be consummated. In May, the U.S. Dept. of Justice requested additional information on the proposed $17-per-share merger, according to a filing with the Securities & Exchange Commission. In a subsequent filing, Phase Forward said that investigation is still under way and that it and Oracle are "working cooperatively" with the DOJ’s anti-trust watchdogs to settle the matter.
