$90M Activist Investment Seeks Changes At Forward Air
A group of investors is looking to shake things up at expedited trucking company Forward Air (NASDAQ: FWRD ), according to filings with the U.S. Securities and Exchange Commission. Cleveland-based Ancora Advisors has taken on an activist role alongside former Forward founder Scott Niswonger and former CFO Andy Clarke. The group seeks to "enhance shareholder value" through a variety of measures including changes to the management team and board as well as capital allocation strategy. The documents also signaled the potential divestiture of "non-core assets." The filings show that the investment group began acquiring shares in the Greeneville, Tennessee-based company at the end of October and now holds a 5.3% stake, $89.5 million, in Forward's 27.5 million outstanding shares, which represents more than $2 billion in market capitalization. The group has met with Forward's board and management team and will continue to engage in discussion to "create shareholder value," according to the documents.
$90M Activist Investment Seeks Changes At Forward Air
A group of investors is looking to shake things up at expedited trucking company Forward Air (NASDAQ: FWRD ), according to filings with the U.S. Securities and Exchange Commission. Cleveland-based Ancora Advisors has taken on an activist role alongside former Forward founder Scott Niswonger and former CFO Andy Clarke. The group seeks to "enhance shareholder value" through a variety of measures including changes to the management team and board as well as capital allocation strategy. The documents also signaled the potential divestiture of "non-core assets." The filings show that the investment group began acquiring shares in the Greeneville, Tennessee-based company at the end of October and now holds a 5.3% stake, $89.5 million, in Forward's 27.5 million outstanding shares, which represents more than $2 billion in market capitalization. The group has met with Forward's board and management team and will continue to engage in discussion to "create shareholder value," according to the documents.