Omni Logistics Files Lawsuit Against Forward Air To Enforce Merger Agreement

(RTTNews) - Omni Logistics said that it has filed a complaint in the Delaware Court of Chancery against Forward Air Corp. (FWRD), seeking ruling to require Forward Air to complete their merger agreement, under legally binding terms of contractual agreement.

The complaint also seeks a judicial declaration confirming that Omni has complied with all required provisions of the merger agreement.

Omni has requested a trial before the Court of Chancery to obtain a ruling enforcing the merger agreement prior to the agreement's outside expiration date of February 10, 2024.

In August 2023, Forward Air and Omni Logistics agreed to merge in a cash-and-stock deal. Omni shareholders would receive $150 million in cash and Forward common stock and preferred stock.

FWRD closed Tuesday's regular trading at $64.41 down $6.57 or 9.26%. In the after-hours trading the stock further dropped $0.31 or 0.48%.