Forward Air Corporation (NASDAQ:FWRD) is approaching the end of a strategic review process that has been underway for more than a year, but the effort is unlikely to result in a sale of the entire company, according to people familiar with the situation.
While a full-company sale now appears improbable, the company is still evaluating alternative strategies aimed at improving shareholder value.
The update follows the withdrawal of two private equity firms from the bidding process for the asset-light transportation provider. Sources said Clearlake Capital and Apollo Global Management are no longer pursuing an acquisition of the whole business. Earlier in the process, at least five private equity groups were said to be considering bids.
Weak interest in the auction process has been reflected in the company’s share price and earlier media coverage. In October 2025, Axios reported that the sale process had slowed after private equity proposals failed to meet expectations.
Complicating matters further, the activist investor that initially pushed for a strategic review has already exited its position. Ancora Holdings, which publicly urged the company to pursue a sale in August 2024, sold its stake by the end of 2025 after previously ranking among the company’s ten largest shareholders.
Although a full sale has not been entirely ruled out, sources suggested that pursuing such a deal now could put the company in a weaker negotiating position and might not deliver the best outcome for shareholders.
Forward Air said in a statement to Investing.com that the strategic review remains underway but is nearing its final stage. The process has included evaluating a potential sale alongside other possible strategic or financial transactions, as well as reviewing the company’s portfolio.
“As disclosed on February 23, 2026, the Company has made progress in its strategic review and we believe we are nearing the conclusion,” the company said in its statement. “This is a comprehensive review to explore all available opportunities to maximize value, including the evaluation of a potential sale, merger or other strategic or financial transactions as well as a review of the components of our portfolio to ensure there is a long-term strategic fit. The Company will provide an update to the market when there is news to share.”
After an extended review process, investors are expected to receive an update soon on the outcome of the company’s strategic evaluation. Those anticipating a sale of the entire company, however, may ultimately be disappointed.