Dimension Data Holdings won early regulatory approval for its pending acquisition of Internet consultant Proxicom. The U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the Dimension Data-Proxicom deal. The antitrust act requires an initial waiting period during which parties cannot complete their transaction. At the end of this period, regulators may ask for additional documentation or further information before approving or striking down a merger. The German Federal Cartel Office gave its required clearance for the transaction as well.
Dimension Data, a little-known South African-based communications and software company, proposed to acquire Proxicom last month for about $347 million, which ended up winning over an earlier bid made by Compaq Computer. Dimension Data's tender offer, set in May, is slated to expire on June 14.