Forward Air may decide to terminate its merger agreement with Omni Logistics even though a Tennessee court said it won’t stand in its way.
Activist investor Ancora said it will move to remove Forward Air’s board and CEO if a Tennessee court rules a shareholder vote on the Omi merger is warranted.
A Tennessee court will take more time mulling over a complaint from shareholders claiming they have the right to vote on Forward Air’s merger with Omni Logistics.
Forward Air’s planned merger with Omni Logistics hit a roadblock this week as a Tennessee court said it will decide next month if shareholders get a vote.
Two debt rating agencies, Fitch and S&P, rated Forward Air’s newly issued debt from its Omni deal and were mostly positive.
Forward Air defends its latest deal that will position it as a supplier and a competitor to its customers.
Forward’s plan to acquire a large forwarder has stakeholders concerned.
Forward Air announced Thursday it will merge with asset-light logistics peer Omni Logistics.
E-commerce is driving the need for flexibility among shippers, which are looking toward logistics providers to offer options.
