Comment / Forward-Omni merger – knocked out in round one

ID 146544811 © Praiwan Wasanruk | Dreamstime.com

Expedited delivery.

That’s for sure.

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Several downgrades later from sell-side analysts…

… in a surprisingly short timeframe, within 24 hours from disclosing a very ambitious plan on Thursday 10 August, Forward Air Corp (Forward) at the end of Friday was worth about $800m* less than it was before its Omni Logistics cash-and-stock tie-up was disclosed.

(*Unaffected closing price 9 August: $110. Total shares outstanding as of 2 August were 25.695m: Forward’s market cap of $2.8bn, at $110 a share, has fallen to $1.995bn. Paper ...