Ancora Supports Forward Air’s Decision to Evaluate Termination of Prospective Transaction with Omni

Rhea-AI Summary

Ancora Holdings Group urges Forward Air's Board of Directors to take necessary steps to restore and protect shareholder value following Omni's alleged non-compliance with merger agreement.

Positive

• Forward Air is transparently disclosing Omni's non-compliance with merger agreement, which has led to support for terminating the merger.
• Board of Directors urged to take steps to protect long-term interests of the enterprise and restore shareholder value.

Negative

• None.

Urges Board of Directors to Take Whatever Steps are Necessary to Restore and Protect Shareholder Value Following Omni’s Purported Non-Compliance with Merger Agreement

CLEVELAND--(BUSINESS WIRE)-- Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today issued the following statement regarding the Company’s previously announced transaction with Omni Newco LLC (“Omni”).

Frederick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented:

“We are very pleased with Forward Air’s decision to be transparent with shareholders by disclosing its belief that Omni has not complied with aspects of the previously announced merger agreement. In light of this, we – and presumably a critical mass of our fellow shareholders – fully support leadership’s decision to explore a termination of the merger agreement. Given that the proposed transaction has faced legal challenges and overwhelming market opposition, the Board of Directors is right to be diligent in holding Omni accountable for any and all non-compliance with the agreement’s terms. We urge the Board of Directors to take whatever steps are needed to protect the long-term interests of the enterprise while restoring and preserving shareholder value. In our view, terminating the prospective transaction with Omni is a logical and necessary step at this point in time.”

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231026828620/en/

Longacre Square Partners

Greg Marose / Charlotte Kiaie, 646-386-0091

ancora@longacresquare.com

Source: Ancora Holdings Group, LLC

FAQ

What is the issue with the merger agreement between Forward Air and Omni?

Omni is alleged to have not complied with aspects of the merger agreement, leading to support for terminating the merger.

What steps are Ancora Holdings Group urging the Board of Directors to take?

Ancora Holdings Group is urging the Board of Directors to take whatever steps are necessary to protect the long-term interests of the enterprise and restore shareholder value.

What is the market opposition to the proposed transaction?

The proposed transaction has faced overwhelming market opposition.

Who supports terminating the merger agreement?

Ancora Holdings Group, along with a critical mass of fellow shareholders, supports terminating the merger agreement.