Forward Air Corporation Reaches Amended Agreement with Omni Logistics, Resolving Merger Dispute

GREENEVILLE, TN – Forward Air Corporation (NASDAQ: FWRD) has successfully reached an amended agreement with Omni Logistics, LLC, resolving the ongoing dispute over their previously announced acquisition. The private company, majority owned by Ridgemont Equity Partners and EVE Partners, LLC, will now see changes to the terms initially outlined in the merger agreement.

The resolution marks the end of litigation between the parties, with both agreeing to dismiss the legal disputes. Under the amended terms, Omni shareholders will now receive $20 million in cash, a significant adjustment from the initially agreed-upon $150 million. Additionally, Omni shareholders will hold 35% of Forward’s pro forma common equity on a fully-diluted, as-converted basis, as opposed to the original agreement’s 37.7%.

Forward Air’s Chairman, President, and CEO, Tom Schmitt, expressed satisfaction with the resolution, stating, “We have always believed in the power of this acquisition and are pleased to have found a way forward.” Schmitt emphasized that the revised agreement allows Forward to expedite its long-term growth strategy, positioning the combined entity as a leading provider in high-quality freight transportation.

In recent days, both companies engaged constructively to settle the legal disputes and pave the way for a smoother transaction. Schmitt highlighted the potential of the acquisition, stating, “We believe this highly compelling acquisition will deliver significant long-term shareholder value, and we look forward to swiftly closing the transaction.”

The agreement not only resolves the ongoing litigation but also sets the stage for a more efficient and timely completion of the acquisition. Both parties aim to close the transaction by the end of the week, signaling a quick resolution to the previously contentious issues.

Forward Air is a prominent asset-light provider of transportation services across the United States, Canada, and Mexico. Specializing in expedited less-than-truckload services, Forward offers a comprehensive range of transportation solutions, including local pick-up and delivery, warehousing, customs brokerage, and more. The company’s national network of terminals supports various services, including truckload brokerage, intermodal transportation, and high-value drayage services.