A second round of takeover bids for Forward Air is expected in early September, delayed from the original deadline. Private equity firms, including Clearlake Capital and an offshoot of Apollo Global Management, are vying for the less-than-truckload and logistics provider.

Forward Air engaged in a strategic review earlier this year following a controversial merger with Omni Logistics, which increased debt and competition with legacy customers. Financial improvements were touted in Q2, but net debt increased to $1.69 billion, standing at 5.7 times last 12 months’ consolidated adjusted EBITDA.

Shares of FWRD dropped 4.6% to $28.41 on Monday, compared to the S&P 500. Before the Omni Logistics merger, Forward’s stock traded at $110 per share. FreightWaves has contacted Forward Air for comment on the expected second round of takeover bids in September.

Read more at Yahoo Finance: Second round of Forward Air takeover bids expected in September, report says