Investing.com – For over one year, Forward Air Corporation (NASDAQ: FWRD) has been exploring strategic options, including a potential sale. That review process is now nearly complete, but it will unlikely result in the sale of the entire company, people familiar with the matter told Investing.com. Although a whole-company sale is doubtful, the company is exploring other options to maximize shareholder value.

The development comes as two private equity firms recently withdrew from the bidding for the asset-light transportation company. Clearlake Capital and Apollo Global Management are no longer bidding for the entire company, sources said. At one point, at least five private equity firms were bidding for the company.

A lackluster auction for the company is not an entirely new development, as reflected in the share price and past media reports.

In October 2025, Axios reported that the sales process slowed after unsatisfactory bids from private equity suitors.

Adding insult to injury, the activist hedge fund that prodded the company to review a sale in the first place no longer holds a position in the company.

Ancora Holdings, which in August of 2024 urged the company to sell itself, exited its position at the end of 2025. At one point, it was a top ten holder.

While the sale of the entire company remains possible, it would be from a position of weakness rather than strength and may not be in the best interest of shareholders at this time.

Forward Air told Investing.com in a statement that the strategic review is ongoing and that it is nearing a close. In addition to the sale of the whole company, the review explored other strategic or financial transactions, as well as a portfolio review.

“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 a long and arduous process, shareholders will soon learn of the fate of the strategic review. For those still counting on a whole company sale, they will likely be disappointed.