A potential full-company sale of Forward Air may be off the table, according to a report from stock market news site Investing.com. The news sent shares of Forward 17% lower on Wednesday, outpacing declines of 2% to 5% from its public trucking peers.
Forward Air launched a strategic review in January 2025 to explore all potential options for its assets, including the sale of part or all of the company. The process began following months of pushback from investors, who were upset with the company’s acquisition of Omni Logistics and with its overall capital allocation strategy.
Investing.com said, according to “people familiar with the matter,” that the sale of the entire enterprise is now “unlikely.” It also said, “Clearlake Capital and Apollo Global Management are no longer bidding for the entire company.”
Forward (NASDAQ: FWRD) said on its fourth-quarter call last month that the review process was nearing a conclusion.
“As disclosed on February 23, 2026, the Company has made progress in its strategic review and we believe we are nearing the conclusion,” Forward Air said in a Wednesday statement to FreightWaves. “This is a comprehensive review to explore all available opportunities to maximize value, including the evaluation of a potential sale, merger or other strategic or financial transactions as well as a review of the components of our portfolio to ensure there is a long-term strategic fit.
“The Company will provide an update to the market when there is news to share.”
Forward Air was reported to have multiple suitors last year.
Forward’s contentious merger with Omni was challenged by some investors due to the deal’s structure, which bypassed a shareholder vote. Activists criticized the merger because it significantly increased Forward’s debt and appeared to put it in competition with existing customers.
Goldman Sachs (NYSE: GS) is serving as Forward’s financial adviser during the review process.
