Forward Air shareholder Ancora sends open letter to Omni Logistics

Ancora Holdings, a top shareholder of Forward Air, issued an open letter to the CEO of Omni Logistics. “Ancora is a top shareholder of Forward Air, with a desire to see the Company well-positioned for sustained success and value creation,” the letter reads. “We have been very transparent in terms of publicizing our opposition to Forward Air’s value-destructive transaction with Omni. In fact, we issued a presentation clearly laying out our financial and strategic concerns with the contemplated deal so that shareholders on both sides could consider our views. We believe Omni’s response of unleashing an army of aggressive law firms on a top shareholder of Forward Air for vocalizing our concerns is not only shameful, but telling of the desperate state Omni finds itself in today. Ancora does not take to intimidation tactics kindly. Subpoenas and document requests from your counsel, Wachtell, Lipton, Rosen & Katz (“Wachtell”), will not deter us from continuing to vocalize our views as to why terminating the prospective deal with Omni is both a logical and necessary step at this time. It also begs the question of why Omni is resorting to private attacks on a top Forward Air shareholder rather than: a) defending Omni publicly as a great asset that will benefit the combined company, or b) allowing Forward Air shareholders to decide on the merits of the deal at a shareholder vote?” “Whatever the motivation may be, we remain puzzled as to why Omni felt the need to launch an intimidation campaign when everything Ancora has said about this transaction is not only public but rooted in fact,” the letter continues. “We are not going to change course now based on Omni and Wachtell’s attempts to stifle our voices and quell shareholder democracy through harassment. Rest assured, we will continue to expose these intimidation tactics if they continue. If Omni and its advisors truly stand behind the substance of the deal’s merits and think it would deliver a “transformational outcome” for Forward Air and its shareholders, we question why there is such grave concern with shareholders voicing their views publicly. And to that point, if Omni was such a compelling opportunity for Forward Air, why prevent shareholders from voting on this transaction?”