Omni Sues Forward to Force Closing of $3.2 Billion Merger (1)

Omni Logistics sued Forward Air Corp. in Delaware, seeking a court order that would compel closing of the $3.2 billion supply chain logistics merger after Forward moved to cancel the transaction.

The lawsuit, filed late Tuesday, says Forward’s leaders got cold feet in the face of negative media coverage and intense pressure from investors critical of the deal price, particularly a group of activist hedge funds that said they’d seek to oust its CEO, whom they labeled “chief value destroyer.”

Forward’s CEO told Omni’s that “if the deal were to close, he and his board would be fired,” and the ...