DALLAS - Omni Logistics, LLC ("Omni") and Forward Air (NASDAQ:FWRD) ("Forward") have reached a revised agreement on their merger terms, effectively settling all outstanding litigation. The companies anticipate finalizing the transaction by the end of this week.
The updated merger agreement stipulates that Omni shareholders will now receive $20 million in cash and approximately 35% of Forward's pro forma common equity, adjusted from the 37.7% initially proposed. The equity portion equates to roughly 14.1 million shares on a fully-diluted, as-converted basis.
JJ Schickel, CEO of Omni and the incoming President of Forward Air, expressed enthusiasm for the merger, stating, "Combining with Forward Air creates an unparalleled opportunity to reshape the industry and become the best possible strategic partner to our customers."
Omni Logistics, a global multimodal logistics provider, offers tailored supply chain solutions across air, ocean, and ground services. The company boasts an extensive global network with more than 100 locations and serves around 7,000 customers worldwide.
The merger is poised to establish the combined entity as a leading force in the expedited Less Than Truckload (LTL) sector, aiming to deliver increased value to shareholders, customers, and employees.
This news article is based on a press release statement from Omni Logistics, LLC.
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