Forward Air Corporation announced on January 6, 2025, that its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value. This review will consider a range of options, including a potential sale, merger, or other strategic or financial transaction, relative to the company's long-term value potential on a standalone basis.
The company has appointed Goldman Sachs & Co LLC as its financial adviser and Jones Day as its legal counsel to assist with this review. This formal announcement follows earlier reports of activist investor pressure for a sale and the company's engagement with investment bankers.
In conjunction with this review, Forward Air also took steps to cut operating expenses in the fourth quarter of 2024, including workforce reduction, terminal consolidation, and limiting the use of third-party vendors. These actions are expected to result in approximately $20 million in annualized savings, aiming to improve financial efficiency during this strategic evaluation period.
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