Forward Air to close acquisition of Omni Logistics
Omni Logistics has announced an agreement with Forward Air to amend the terms of the existing merger agreement relating to their previously announced transaction.
This agreement resolves the litigation between…
Omni Logistics has announced an agreement with Forward Air to amend the terms of the existing merger agreement relating to their previously announced transaction.
This agreement resolves the litigation between the parties, and the two companies are targeting a transaction close by the end of the week.
Under the terms of the amended merger agreement, Omni shareholders will receive $20 million in cash, instead of the $150 million initially agreed, and 35%1 of Forward’s pro forma common equity (on a fully-diluted, as-converted basis), as compared to the 37.7% of Forward’s pro forma common equity (on a fully-diluted, as-converted basis) contemplated by the original agreement.
Upon closing of the transaction, the combined company will be well-positioned to become the premier global, integrated provider of comprehensive LTL services and generate significant value for shareholders, customers, and employees.
JJ Schickel, CEO of Omni and incoming president of Forward Air, said, “Combining with Forward Air creates an unparalleled opportunity to reshape the industry and become the best possible strategic partner to our customers.
“We are excited to hit the ground running with the Forward Air team, with whom we have worked closely for decades, and look forward to capitalising on the significant value creation opportunity ahead of us.”
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