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  "documentTitle": "Forward Air Corporation (FWRD)",
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      "text": "The acquisition of Omni was an abject failure on multiple levels and the incumbent Board members willfully (or ignorantly) approved one of the most value-destructive transactions in recent memory.",
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      "text": "Financial Issues: Stressed Forward Air's Balance Sheet; Forward Air Paid an Exorbitant Multiple for Omni",
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      "text": "Governance Issues: Deal Structured to Bypass a Pre-Closing Shareholder Vote; Clear Entrenchment Devices Embedded in Merger Agreement",
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      "text": "net leverage: 4.0x",
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      "text": "Source: Forward Air filings. 1 Revised deal terms resulted in dilution of 35.5%. 2 NTM EBITDA multiple as of May 16, 2025.",
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