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Forward Air and Omni Logistics iron out merger terms after dispute

Forward Air and Omni Logistics have settled their merger disagreement, with the deal expected to close in the coming days, FreightWaves reports.

The big picture: After weeks of negotiations and a near courtroom battle, Forward Air will acquire Omni, a move which ideally positions the combined company as a leader in expedited Less Than Truckload (LTL) services.

Details: Amended terms of the merger reduce the cash transaction to $20 million from $150 million, and equity shareholding for Omni stakeholders is now set at 35% of Forward’s pro forma common equity, down from 37.7%.

  • The revised deal places the acquisition value at approximately $2.1 billion, marked down from the initially projected $2.4 billion.
  • Shares of Forward Air initially surged nearly 20% following news of the agreement but settled back to starting levels as the market absorbed that the deal would proceed.

What they're saying: "We have always believed in the power of this acquisition and are pleased to have found a way forward," said Tom Schmitt, Forward chairman, president and CEO.

What to watch: With no remaining litigation, the focus now turns to integrating the operations of both companies and exploring the anticipated "exciting opportunities ahead."

Investors and stakeholders will be watching closely to see how this acquisition influences Forward Air's market position and how the company handles the added debt from the deal.

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