Ancora pushing Forward Air to scrap planned Omni deal

Ancora Holdings has built a large stake in Forward Air and is opposing the company’s recently announced $3.2B acquisition of Omni Logistics. In a presentation, Ancora said that it “intends to review all options available for holding the Board and management accountable, including calling a Special Meeting of Shareholders. The goal of a Special Meeting will be to replace members of the Board, including CEO Tom Schmitt. Ancora is assembling a world-class slate of director candidates, including a highly qualified CEO candidate. This Special Meeting process will play out over the next five months. Even absent successful litigation, a Special Meeting could unseat the Board before shareholders approve preferred conversion.” Further, Ancora said it “believes Forward Air’s shares can trade north of $100 over the next six months as shareholders vote down deal and then vote to replace the Board and management team at a Special Meeting. Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air’s value creation opportunity is $140-$145 per share.”