Omni Logistics

Activist investor pushes board shake-up at Forward Air

Activist investor Ancora Holdings Group is calling on Forward Air shareholders to vote against three legacy board directors who it asserts have “egregious M&A records” and “histories of presiding over massive value destruction.”

The Wednesday letter calls for the removal of board Chairman George Mayes and directors Javier Polit and Laurie Tucker. All three have served on Forward’s (NASDAQ: FWRD) board for at least four years, a period which included a controversial acquisition of Omni Logistics...

https://www.freightwaves.com/news/activist-investor-pushes-board-shake-up-at-forward-air

Forward Air gains needed breathing room, awaits demand recovery

The new management team at Forward Air continues to plot a path to profitability following the closing of a messy acquisition a little more than a year ago. A still-tough demand backdrop during the fourth quarter impeded those efforts, but the company touted some wins on a Wednesday evening call with analysts.

Forward (NASDAQ: FWRD) reported a net loss from continuing operations of $35.4 million, or $1.23 per share. That compared to a consensus expectation for a 12-cent-per-share loss, but it’s...

https://www.freightwaves.com/news/forward-air-gains-needed-breathing-room-awaits-demand-recovery

Las ganancias de aire hacia adelante necesitan espacio para respirar, espera la recuperación de la demanda

El nuevo equipo de gestión de Forward Air continúa trazando un camino hacia la rentabilidad después del cierre de un adquisición desordenada hace poco más de un año. Un telón de fondo de la demanda de la tinción durante el cuarto trimestre impidió esos esfuerzos, pero la compañía promocionó algunas...

https://fullavantenews.com/las-ganancias-de-aire-hacia-adelante-necesitan-espacio-para-respirar-espera-la-recuperacion-de-la-demanda/?lang=es

Forward Air exploring options, may sell company

Forward Air said Monday its board has initiated a strategic review, which potentially includes selling the company or entering a merger agreement. The update comes after months of public criticism from investors, who have called on the company to engage in a sale process following its contested merger with freight forwarder Omni Logistics.

Investors have pointed to “misguided capital allocation” and poor oversight as the reasons for the Greeneville, Tennessee-based trucking company’s current...

https://www.freightwaves.com/news/forward-air-exploring-options-may-sell-company

Forward Air talks Omni integration, silent on rumors it’s up for sale

Management from Forward Air said the company remains focused on the integration of Omni Logistics and ironing out a marketing strategy that includes its legacy expedited less-than-truckload services with its acquired air and ocean freight forwarding business. During opening comments on a Monday evening call, management told analysts it would not comment on “rumors or speculation” that the company was up for sale following its publicly panned merger with Omni.

When the deal was announced in...

https://www.freightwaves.com/news/forward-air-talks-omni-integration-silent-on-rumors-its-up-for-sale

Forward Air retains investment bankers to sell company, sources say

Forward Air has retained two prominent investment banking firms to lead a formal sales process, people close to the deal have told FreightWaves. Pressure on the expedited trucking company’s board to sell the company has mounted in recent weeks in the wake of fallout from a messy merger with freight forwarder Omni Logistics.

An Oct. 7 letter from activist investor Alta Fox, which holds a 3% stake in Forward (NASDAQ: FWRD), called on the company to initiate a sales process. The letter said holders...

https://www.freightwaves.com/news/forward-air-retains-investment-bankers-to-sell-company-sources-say

Chorus of investors calling on Forward Air to consider a sale grows

Alternative asset manager Alta Fox has called on the beleaguered board of Forward Air to engage in a formal sales process following the company’s contested merger with Omni Logistics earlier this year. Alta Fox joins other Forward shareholders in suggesting the best path for the company is to seek new ownership and management.

Clearlake Capital, which holds a 14% equity interest in Forward (NASDAQ: FWRD), flipped from a passive investor to an activist investor in August, saying it may call on...

https://www.freightwaves.com/news/chorus-of-investors-calling-on-forward-air-to-consider-a-sale-grows

Activist investor urges Forward Air to go private

Activist investor Ancora Holdings Group is calling on Forward Air’s board to begin a strategic review and to engage with potential buyers. In an open letter to the company’s board, the group cited “overwhelmingly negative” total shareholder returns and “significant underperformance” in what it described as a “lost decade” for the expedited trucking company.

The Tuesday letter said the company could better cure its balance sheet and operational issues as a private entity, likely under the...

https://www.freightwaves.com/news/activist-investor-urges-forward-air-to-go-private

Forward Air investor flips to activist, may explore ‘strategic alternatives’

Private equity firm Clearlake Capital, which holds a 13.8% equity stake in Forward Air, said it may approach the company to discuss “strategic alternatives.” Last week, the investment firm changed its filing form with the Securities and Exchange Commission from passive interest to a version used by firms seeking to effect change.

The Santa Monica, California-based firm holds 3,825,000 of Forward’s (NASDAQ: FWRD) roughly 28 million outstanding shares, according to the filing. The group now joins...

https://www.freightwaves.com/news/forward-air-investor-flips-to-activist-may-explore-strategic-alternatives

Forward Air focuses on integration, revenue opportunities after Omni merger

Forward Air said it remains focused on the integration of Omni Logistics and the revenue synergies it can achieve as it is now operating a platform that includes freight forwarding and contract logistics along with its legacy expedited less-than-truckload and intermodal offerings.

The Greeneville, Tennessee-based company closed on the merger with Omni in January following a lengthy courtship as the deal was contested by shareholders and Forward itself searched for an exit path.

On its...

https://www.freightwaves.com/news/forward-air-focuses-on-integration-revenue-opportunities-after-omni-merger

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