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Market Chatter: Forward Air Urged by Activist Investor Ancora to Consider Sale
2024-08-20 21:13
09:13 AM EDT, 08/20/2024 (MT Newswires) -- Activist Investor Ancora Holdings has urged Forward Air (FWRD) to launch a strategic review and consider a sale, Reuters reported Tuesday, citing a letter by Ancora to the Forward Air board that it viewed.
Ancora also warned that a board challenge could follow if
investors' calls for action were ignored, according to the report.
Ancora, which reportedly owns a 4% stake in the freight forwarding company, said in the letter that improving operations, fixing the balance sheet and servicing customers would be better achieved as a private company, Reuters reported.
Forward Air and Ancora Holdings did not immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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