Investment firms are preparing a second wave of takeover bids for expedited trucking company Forward Air, with submissions anticipated in early September, according to New York's FreightWaves.
The bidding deadline was originally set for late August but has been postponed, Axios Pro reported. It remains unclear whether suitors are targeting the entire company or select divisions.
A July Reuters report revealed that several private equity firms had already submitted offers, including Clearlake Capital-which owns a 12 per cent stake-and a branch of Apollo Global Management.
Forward initiated a strategic review following backlash over its merger with Omni Logistics. Critics argued the deal bypassed shareholder approval, increased debt, and created conflicts with existing customers.
Despite reporting slightly better-than-expected adjusted EBITDA in Q2, Forward posted a larger net loss than analysts predicted. Net debt rose to $1.69 billion, or 5.7 times trailing EBITDA, up from 5.3 times in Q1.
Shares of Forward (NASDAQ: FWRD) fell 4.6 per cent to $28.41 on Monday afternoon. The stock had traded at $110 prior to the Omni deal announcement in August 2023.
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The bidding deadline was originally set for late August but has been postponed, Axios Pro reported. It remains unclear whether suitors are targeting the entire company or select divisions.
A July Reuters report revealed that several private equity firms had already submitted offers, including Clearlake Capital-which owns a 12 per cent stake-and a branch of Apollo Global Management.
Forward initiated a strategic review following backlash over its merger with Omni Logistics. Critics argued the deal bypassed shareholder approval, increased debt, and created conflicts with existing customers.
Despite reporting slightly better-than-expected adjusted EBITDA in Q2, Forward posted a larger net loss than analysts predicted. Net debt rose to $1.69 billion, or 5.7 times trailing EBITDA, up from 5.3 times in Q1.
Shares of Forward (NASDAQ: FWRD) fell 4.6 per cent to $28.41 on Monday afternoon. The stock had traded at $110 prior to the Omni deal announcement in August 2023.
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