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Investing.com -- Forward Air Corporation (NASDAQ:FWRD) stock surged 15% in mid-day trading Monday after Reuters reported after the close Friday that private equity firms including Blackstone Inc (NYSE:BX) and Apollo Global Management (NYSE:APO) have expressed interest in acquiring the U.S. trucking company.
According to sources familiar with the matter, these firms, along with Platinum Equity and Clearlake Capital, have signed confidentiality agreements allowing them to review company documents and information to shape potential bids. Initial takeover offers are expected during the first week of July.
Forward Air, which specializes in less-than-truckload shipping services, confirmed earlier this week that it remains committed to its strategic alternatives review announced in January, which could potentially include a sale of the company.
The company declined to comment on the specific interest from private equity firms, as did Blackstone and Apollo. Platinum and Clearlake were not immediately available for comment when contacted about their potential interest.
Forward Air’s strategic review comes as the company evaluates options to maximize shareholder value in the competitive logistics and transportation sector.