Forward Air Corporation has spent more than a year examining strategic possibilities for the asset-light transportation company, including the option of selling the entire business. People familiar with the matter say the review is approaching its conclusion, but a sale of the whole company is unlikely.
Sources indicate that two private equity firms that had been in the running to acquire the company - Clearlake Capital and Apollo Global Management - have stepped away from bids to buy the entire company. At the height of the process, at least five private equity groups were pursuing the asset.
The auction for Forward Air has not produced the robust competitive outcome some shareholders may have hoped for, a dynamic reflected in the companys share price and earlier reporting on the process. In October 2025, coverage of the sale process suggested momentum had slowed after bidders submitted offers that were viewed as unsatisfactory.
Adding to the complexity, the activist investor that initially pushed the company to initiate a strategic review is no longer a shareholder. Ancora Holdings, which in August 2025 publicly urged Forward Air to consider a sale, had exited its position by the end of 2025. At one point Ancora was among the top ten holders of Forward Air stock.
While a sale of the entire company has not been ruled out, people familiar with the matter say it would more likely occur from a position of weakness than strength, calling into question whether a full-company sale would serve shareholders interests at this time.
The company itself confirmed that the review remains underway and that it is closing in on a conclusion. In a statement, Forward Air said: "As disclosed on February 23, 2026, the Company has made progress in its strategic review and we believe we are nearing the conclusion. This is a comprehensive review to explore all available opportunities to maximize value, including the evaluation of a potential sale, merger or other strategic or financial transactions as well as a review of the components of our portfolio to ensure there is a long-term strategic fit. The Company will provide an update to the market when there is news to share."
Investors and other stakeholders are now awaiting the outcome of the process. After an extended and often difficult review, the market will soon learn which alternatives the company pursues. For shareholders who had been banking on a sale of the entire company, the emerging picture suggests those expectations may not be met.
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