A MAJOR independent proxy advisory firm is backing activist investor Ancora's call for shareholders to vote against three Forward Air board members at the company's upcoming annual meeting, reports New York's FreightWaves.
Ancora Holdings Group is an activist investment firm based in Cleveland, Ohio. It specializes in shareholder activism, targeting underperforming or undervalued companies to push for strategic changes that enhance shareholder value.
Institutional Shareholder Services Inc (ISS) has recommended that Nasdaq-listed Forward's shareholders reject the reelection of chairman George Mayes and directors Javier Polit and Laurie Tucker.
Ancora has blamed the trio for overseeing a controversial merger with freight forwarder Omni Logistics. That deal has been publicly panned as it was structured through a series of transactions to circumvent a vote from shareholders.
It also left Forward with a debt-laden balance sheet (5.3 times net debt leverage at the close of the first quarter) and ceded a 38 per cent equity stake and voting bloc to Omni's private equity backers.
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Ancora Holdings Group is an activist investment firm based in Cleveland, Ohio. It specializes in shareholder activism, targeting underperforming or undervalued companies to push for strategic changes that enhance shareholder value.
Institutional Shareholder Services Inc (ISS) has recommended that Nasdaq-listed Forward's shareholders reject the reelection of chairman George Mayes and directors Javier Polit and Laurie Tucker.
Ancora has blamed the trio for overseeing a controversial merger with freight forwarder Omni Logistics. That deal has been publicly panned as it was structured through a series of transactions to circumvent a vote from shareholders.
It also left Forward with a debt-laden balance sheet (5.3 times net debt leverage at the close of the first quarter) and ceded a 38 per cent equity stake and voting bloc to Omni's private equity backers.
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