Shares of Forward Air surged 10% after reports of private equity bids. Clearlake Capital and Apollo Global Management among potential buyers. Activists pushed for sale following controversial merger with Omni Logistics. Shareholders expressed concern over debt burden and voting control. Three directors resigned. Shareholders approve reincorporation to Delaware.

Stock plummeted post-merger, gapping below $10. Recent speculation boosts shares to $30.60. Analysts suggest value could reach $40+ in a takeover scenario. Estimated equity value between $1.5 – $2 billion, considering $300 million annual earnings and $1.6 billion net debt. 42 million fully diluted shares outstanding.

Read more at Yahoo Finance: Private equity bids for Forward Air rolling in, report says