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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "notes": "The slide uses a 'before-after' style comparison to highlight the failure of the Omni deal.",
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      "kind": "callout",
      "text": "Worst Deal of 2023",
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      "text": "Under the supervision of the targeted directors, Forward Air has substantially missed its projections following the Omni deal.",
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      "text": "Following the one-year anniversary of the Omni acquisition closing, Forward Air missed every financial target by a material amount. Over this period, the market value of the Company's equity declined by more than $2 billion.",
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      "text": "On the eve of this deal being announced, FWRD closed at $110. Eight days later, it was bottoming out at $60. Blame for that 45% retracement is mostly owed to this adjacent purchase...",
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      "text": "Source: Forward Air filings. Gordon Haskett Research Advisors note dated December 15, 2023. *Financial results for the year following the Omni acquisition closing. Omni acquisition closed on December 20, 2023. 4Q24 results released February 26, 2025.",
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      "kind": "title",
      "text": "The Targeted Directors Are Responsible for the Disastrous Omni Acquisition (Cont.)",
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