According to a Reuters report, the companies will likely file their initial offers in the first week of July.

Forward Air (FWRD) stock drew retail attention over the weekend after a report said that private equity firms, including Blackstone and Apollo Global Management, are considering buying the trucking company.

According to a Reuters report, citing sources, the buyout firms have signed confidentiality agreements with the company, enabling them to review key documents and other information before a potential bid.

The report stated that other suitors include Platinum Equity and Clearlake Capital, which have also signed agreements to review the materials.

Forward Air operates a network of terminals across the United States, Mexico, and Canada, specializing in moving shipments that are less than a full truckload.

The companies will likely file their initial offers in the first week of July, per Reuters. However, there was no guarantee that they would submit their deal proposals, while other potential bidders might emerge.

Forward Air launched a strategic review in January of this year, which included exploring the possibility of a sale. Since acquiring Omni Logistics, the company has come under investor pressure, which has increased its debt pile and led to operational issues.

According to the Reuters report, the company will be valued at close to $2.5 billion, including debt.

Earlier last week, Forward Air shareholders voted against the re-election of three directors following a campaign by activist investor Ancora Holdings.

Launched in May, Ancora’s campaign aimed to expedite the sale process. The company accused the three directors of sanctioning the Omni deal and stalling the review.

Retail sentiment on Stocktwits was in the ‘bullish’ (74/100) territory, while retail chatter was ‘high.’

FWRD’s Sentiment Meter and Message Volume as of 12:26 a.m. ET on June 16, 2025 | Source: Stocktwits

“Monday is setting up to be a big push-up,” one user said.

Forward Air stock has fallen more than 37% this year.

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