Ancora pushes for Forward Air to scrap planned acquisition

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, Jim Chadwick, president of Ancora, said on Tuesday at the 13D Monitor Active-Passive Conference.

Since August the company's stock has dropped nearly 40%.

Ancora has held discussions with potential director candidates and has a potential chief executive candidate in mind.

Ancora first invested in Forward Air in 2020 and reached a settlement with the company a year later that added two directors to the board.

(Reporting by Svea Herbst-Bayliss)