UPDATE 1-Ancora pushes Forward Air to scrap planned $3.2 bln Omni acquisition
(Adds details from presentation)
By Svea Herbst-Bayliss
NEW YORK, Oct 17 (Reuters) - Ancora Holdings Group has built a large stake in transportation and logistics company Forward Air Corp and is opposing the company's recently announced $3.2 billion acquisition of Omni Logistics.
Ancora plans to call for a special meeting to try to replace Forward Air's board, Ancora's president Jim Chadwick said on Tuesday at the 13D Monitor Active-Passive Conference.
He called the company's CEO, Tom Schmitt, the "chief value destroyer", and said his firm has plans to unseat him.
Since August the company's stock has dropped nearly 40%.
Ancora has held discussions with potential director candidates and has a potential CEO candidate in mind.
It first invested in Forward Air in 2020 and reached a settlement with the company a year later that added two directors to the board.
Chadwick said the acquisition was structured to avoid a shareholder vote and is expensive.
Instead of buying more, he favors pushing the company to sell off non-core assets and said that with time the share price could significantly appreciate.
He said the stock price, currently $75.44, could be closer to $142 a share. (Reporting by Svea Herbst-Bayliss; Editing by Jan Harvey)
