Forward Air Amends Agreement To Buy Omni Logistics

(RTTNews) - Forward Air Corporation (FWRD) announced on Monday that it has reached an agreement with Omni Logistics, LLC, a private company majority-owned by Ridgemont Equity Partners and EVE Partners, LLC, to amend the terms of the existing merger agreement regarding their previously announced acquisition.

Under the amended merger agreement, Omni shareholders will receive $20 million in cash and 35% of Forward's pro forma common equity, as compared to the original agreement which initially specified $150 million in cash and 37.7% of Forward's pro forma common equity.

Tom Schmitt, Chairman, President, and CEO of Forward, stated, "The revised agreement allows Forward to expedite its long-term Grow Forward strategy and positions the combined company as the premier provider of choice in high-quality freight transportation. We believe this highly compelling acquisition will deliver significant long-term shareholder value."

This agreement resolves the litigation between the two parties, which will now be dismissed. The revised agreement aims to close the transaction by the end of the week.