Activist investor Alta Fox, a significant shareholder in Forward Air Corporation, sent a letter to the company's board of directors on October 7, 2024, advocating for an outright sale of the business. Alta Fox asserted that other unnamed investors, collectively owning approximately 25% of the company, supported exploring strategic alternatives.
The activist firm criticized the board's track record, particularly regarding the Omni Logistics acquisition, and called for a formal sales process to maximize shareholder value. This pressure highlights growing investor dissatisfaction with the company's performance and strategic direction.
In response, Forward Air's board and management issued a statement acknowledging shareholder perspectives and confirming they are actively analyzing the business and strategy. The company indicated its focus is on pursuing the best path forward to enhance shareholder value, without directly addressing the call for a sale at this time.
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