Activist Ancora joins investors' calls for a strategic review at Forward Air. Here's what may happen next

Forward Air, a transportation company, is facing challenges in its stock price. In late 2023, it announced the acquisition of Omni Logistics, which resulted in a drop in its stock price. An investor, Ancora, opposed the deal and expressed concerns about management and the board’s compensation. Despite objections, the acquisition closed in January 2024. Forward Air’s stock price has since declined significantly. Ancora is now advocating for the company to hire advisors and sell the company. Another investor, Clearlake Capital, has also expressed an interest in engaging with the board about strategic alternatives. Ancora may need the support of major stockholder Ridgemont Equity to force a sale. However, a potential roadblock is Forward Air’s substantial debt. restructuring and selling off non-core assets are seen as potential solutions.