Alta Fox Calls for Immediate Strategic Review at Forward Air Corporation
Alta Fox Capital Management, owning over 3% of Forward Air (NASDAQ: FWRD), has issued a letter to the company's Board of Directors calling for an immediate strategic review. The activist investor criticizes the Board's track record and urges them to initiate a formal sales process to maximize shareholder value. Alta Fox highlights that:
1. Approximately 25% of Forward Air's shareholders support exploring strategic alternatives.
2. Several private equity firms hold significant positions in the company.
3. The recent 80% share price rally indicates market anticipation of a takeover premium.
The letter also condemns the Board's handling of the Omni Logistics acquisition and warns of potential accountability at the upcoming Annual Meeting if the Board fails to act on shareholders' demands.
Alta Fox Capital Management, che detiene oltre il 3% di Forward Air (NASDAQ: FWRD), ha inviato una lettera al Consiglio di Amministrazione della società chiedendo una immediata revisione strategica. L'investitore attivista critica le performance del Consiglio e lo esorta a avviare un processo di vendita formale per massimizzare il valore per gli azionisti. Alta Fox sottolinea che:
1. Circa il 25% degli azionisti di Forward Air supporta l'esplorazione di alternative strategiche.
2. Diversi fondi di private equity detengono posizioni significative nella compagnia.
3. L'ultimo rally del prezzo delle azioni del 80% indica l'aspettativa del mercato riguardo a un premio per un'eventuale acquisizione.
La lettera condanna anche la gestione da parte del Consiglio dell'acquisizione di Omni Logistics e avverte circa una potenziale responsabilità durante il prossimo incontro annuale se il Consiglio non agirà secondo le richieste degli azionisti.
Alta Fox Capital Management, que posee más del 3% de Forward Air (NASDAQ: FWRD), ha enviado una carta a la Junta Directiva de la compañía pidiendo una revisión estratégica inmediata. El inversor activista critica el historial de la Junta y la insta a iniciar un proceso de venta formal para maximizar el valor para los accionistas. Alta Fox destaca que:
1. Aproximadamente el 25% de los accionistas de Forward Air apoyan la exploración de alternativas estratégicas.
2. Varias firmas de capital privado tienen posiciones significativas en la empresa.
3. El reciente aumento del 80% en el precio de las acciones indica la anticipación del mercado de una prima por una posible adquisición.
La carta también condena la gestión de la Junta respecto a la adquisición de Omni Logistics y advierte sobre una posible rendición de cuentas en la próxima Junta Anual si la Junta no actúa según las demandas de los accionistas.
알타 폭스 캐피털 매니지먼트는 포워드 에어(NASDAQ: FWRD)의 3% 이상을 보유하고 있으며, 회사 이사회에 즉각적인 전략 검토를 요구하는 서한을 보냈습니다. 행동주의 투자자는 이사회의 실적을 비판하며, 주주 가치를 극대화하기 위해 정식 매각 절차를 시작할 것을 촉구합니다. 알타 폭스는 다음과 같은 점을 강조합니다:
1. 포워드 에어 주주의 약 25%가 전략적 대안 탐색을 지지합니다.
2. 여러 사모펀드가 회사에서 상당한 지분을 보유하고 있습니다.
3. 최근 80%의 주가 상승은 시장이 인수 프리미엄을 예상하고 있다는 것을 나타냅니다.
서한은 또한 이사회의 오므니 물류 인수 처리에 대한 비판을 포함하며, 이사회가 주주 요구에 응답하지 않을 경우 다가오는 연례 회의에서의 책임 문제를 경고합니다.
Alta Fox Capital Management, détenant plus de 3% de Forward Air (NASDAQ: FWRD), a envoyé une lettre au Conseil d'Administration de l'entreprise appelant à une révision stratégique immédiate. L'investisseur activiste critique le bilan du Conseil et l'exhorte à engager un processus de vente formel afin de maximiser la valeur pour les actionnaires. Alta Fox souligne que :
1. Environ 25% des actionnaires de Forward Air soutiennent l'exploration d'alternatives stratégiques.
2. Plusieurs sociétés de capital-investissement détiennent des positions significatives dans l'entreprise.
3. La récente hausse de 80% du prix des actions indique une anticipation du marché d'une prime d'acquisition.
La lettre condamne également la gestion par le Conseil de l'acquisition d'Omni Logistics et avertit d'une éventuelle responsabilité lors de la prochaine Assemblée Générale si le Conseil n'agit pas sur les demandes des actionnaires.
Alta Fox Capital Management, das über 3% von Forward Air (NASDAQ: FWRD) besitzt, hat einen Brief an den Vorstand des Unternehmens geschickt, in dem eine sofortige strategische Überprüfung gefordert wird. Der aktivistische Investor kritisiert die Bilanz des Vorstands und verlangt, dass dieser einen formellen Verkaufsprozess einleitet, um den Aktionärswert zu maximieren. Alta Fox hebt hervor, dass:
1. Etwa 25% der Aktionäre von Forward Air die Erkundung strategischer Alternativen unterstützen.
2. Mehrere Private-Equity-Firmen bedeutende Positionen im Unternehmen halten.
3. Der jüngste Anstieg des Aktienkurses um 80% deutet auf die Markterwartung einer Übernahmeprämie hin.
Der Brief verurteilt zudem den Umgang des Vorstands mit der Übernahme von Omni Logistics und warnt vor möglicher Verantwortung bei der bevorstehenden Hauptversammlung, wenn der Vorstand nicht auf die Forderungen der Aktionäre reagiert.
- Approximately 25% of Forward Air's shareholders support exploring strategic alternatives
- Recent 80% share price rally, potentially indicating market anticipation of a takeover premium
- Significant positions held by private equity firms, suggesting external confidence in a sale scenario
- Alta Fox criticizes the Board's track record of ignoring shareholders' views
- Failure of leadership in the Omni Logistics acquisition
- Accusations of misguided capital allocation and reckless oversight causing damage to Forward Air
October 7, 2024
Forward Air Corporation
1915 Snapps Ferry Road, Building N
Attn: The Board of Directors
Members of the Board:
Alta Fox owns over
If any member of this Board still doubts the need for a sales process, consider the facts. First, investors holding approximately
Let’s be clear: the debacle of the Omni Logistics LLC acquisition was a failure of your leadership. Replacing the CEO and tinkering with Board composition does not absolve the majority of you who stood by while shareholder value has been destroyed. Your misguided capital allocation and reckless oversight have caused irreparable damage to Forward Air. Do not compound your failures by continuing to ignore your shareholders and risk further tarnishing your credibility as public company directors – even after this saga concludes.
We expect a public announcement from Forward Air regarding the initiation of a formal strategic review imminently. Should this Board fail to act, each of you should expect to be held accountable at the upcoming Annual Meeting of Shareholders for the lasting damage your inaction will have on the Company and its stakeholders.
Sincerely,
Connor Haley
Managing Partner
Alta Fox Capital Management, LLC
| ______________________________ |
1 Publicly disclosed holdings of four independent shareholders: Alta Fox Capital Management, LLC, Ancora Holdings Group, LLC, Clearlake Capital Group, LP and Irenic Capital Management, LP. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241007028837/en/
Alta Fox Investor Relations
info@altafoxcapital.com
Source: Alta Fox Capital Management, LLC
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