Forward Air Board Reviews Sale or Merger Options

Forward Air has initiated a strategic review to explore options such as a potential sale or merger, following pressure from activist investors who own about 25% of its shares. This move comes after the company's controversial $2.1 billion acquisition of Omni Logistics, which resulted in significant debt and legal disputes. Investors criticized the merger for its high cost and lack of shareholder approval, raising concerns about the impact on Forward's legacy customers. The board, under new leadership, aims to enhance shareholder value by analyzing various strategic alternatives without setting a specific timeline for the review's conclusion. Despite the ongoing challenges, Forward Air has reported progress in integrating Omni and is implementing cost-saving measures to stabilize the business. The company is being advised by Goldman Sachs during this evaluation process.