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Investing.com -- Forward Air Corporation (NASDAQ:FWRD) stock fell 17% after reports emerged that the company’s auction process has slowed due to unsatisfactory bids from private equity suitors.
According to two sources familiar with the matter who spoke to Axios, the freight transportation and logistics services provider has received bids that failed to meet expectations, causing a slowdown in the sales process that was initiated earlier this year.
The company had announced on January 6 that its Board of Directors launched a comprehensive review of strategic alternatives aimed at maximizing shareholder value. At that time, Forward Air stated it would consider various options, including a potential sale, merger, or other strategic or financial transactions, comparing these alternatives to the company’s potential long-term value as a standalone business.
The strategic review came as Forward Air sought to explore ways to enhance shareholder returns. However, the current development suggests that potential buyers may be valuing the company below what its board considers acceptable.
Forward Air provides less-than-truckload, truckload, intermodal drayage, and final mile delivery services across the United States and Canada. The company has not released any official statement regarding the reported slowdown in the auction process.
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