OMNI Logistics has filed a lawsuit against Forward Air in a bid to enforce the merger agreement between the two companies.
The merger agreement between the companies was announced in August, however, at the end of October, global multimodal provider of air, ocean and ground services, omni Logistics, said it had filed a complaint in the Delaware Court of Chancery against Forward Air, regarding the incomplete deal.
Omni Logistics is seeking a legal ruling to force Forward Air, a provider of transportation services across the US, Canada and Mexico, to close the transaction, said a press release issued by Omni Logistics on October 31, reports London's Air Cargo News.
'The complaint also seeks a judicial declaration confirming that Omni has complied with all required provisions of the Merger Agreement. Omni has requested a trial before the Court of Chancery to obtain a ruling enforcing the Merger Agreement prior to the Merger Agreement's outside expiration date of February 10, 2024.'
In conjunction with the complaint, Omni issued an open letter to the shareholders of Forward Air that stressed the merger would increase business prospects and reduce costs. The company said the merger would create 'an all-in-one expedited LTL partner'.
'Omni believes Forward Air's threat to terminate the transaction is unenforceable under our binding contractual agreement - and we are confident that no impediment exists to closing the transaction immediately,' said the company in the letter.
SeaNews Turkey
The merger agreement between the companies was announced in August, however, at the end of October, global multimodal provider of air, ocean and ground services, omni Logistics, said it had filed a complaint in the Delaware Court of Chancery against Forward Air, regarding the incomplete deal.
Omni Logistics is seeking a legal ruling to force Forward Air, a provider of transportation services across the US, Canada and Mexico, to close the transaction, said a press release issued by Omni Logistics on October 31, reports London's Air Cargo News.
'The complaint also seeks a judicial declaration confirming that Omni has complied with all required provisions of the Merger Agreement. Omni has requested a trial before the Court of Chancery to obtain a ruling enforcing the Merger Agreement prior to the Merger Agreement's outside expiration date of February 10, 2024.'
In conjunction with the complaint, Omni issued an open letter to the shareholders of Forward Air that stressed the merger would increase business prospects and reduce costs. The company said the merger would create 'an all-in-one expedited LTL partner'.
'Omni believes Forward Air's threat to terminate the transaction is unenforceable under our binding contractual agreement - and we are confident that no impediment exists to closing the transaction immediately,' said the company in the letter.
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