Oracle Corp. (NASDAQ: ORCL) said today that the U.S. Department of Justice and Federal Trade Commission approved early termination of the Hart-Scott-Rodino review period for its acquisition of BEA Systems Inc (NASDAQ: BEAS). Early termination means the Justice Department completed the review in advance of the 30-day maximum period allowed under antitrust law.

BEA has a special meeting of its stockholders planned for April 4 in order to vote on the merger. Though getting U.S. regulatory approval clears a major hurdle, the transaction still requires BEA stockholder approval and European Union regulatory permission.

Oracle said it agreed to buy BEA for $19.375 per share in January after earlier offers from Oracle were spurned for being too low, such as last year's $17 per share offer that valued the company at $6.7 billion. The current offer is worth approximately $8.5 billion.

The real question is, will the deal actually add value for Oracle now that it will probably be completed? Oracle said it expects only expects BEA to add one to two cents per share to adjusted earnings in the first year after the deal closes. Oracle has been on a spending spree in the last few years with CEO Larry Ellison spending more than $25 billion buying competitors like PeopleSoft, Siebel Systems and Hyperion Solutions.

Despite these purchases, Oracle has seen mediocre performance, especially in the last twelve-months. Combine this with Ellison's continued divestment from the company - 1 million shares just last month - and Oracle is definitely a hold, not a buy, right now.

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