Forward Air Corporation is coming under pressure for another activist investor to sell its business, and may be a step closer to doing so.

On Oct. 7, asset management firm Alta Fox called on Forward Air to initiate a strategic review resulting in a sale of the business. The firm, which owns more than 3 percent of Forward Air, called on the company to “do the right thing by listening to resounding investor feedback and executing a formal sales process that maximizes value for all shareholders.”

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Alta Fox noted that among itself, Ancora Holdings, Clearlake Capital Group and Irenic Capital Management, roughly 25 percent of Forward Air’s outstanding shares have publicly voiced support for exploring strategic alternatives.

A report from FreightWaves on Thursday indicated that the logistics services provider has retained two unnamed investment banking firms to lead a sales process. In the wake of the FreightWaves report, company stock popped nearly 11 percent to $40.50 per share through after-hours trading. On Friday morning, financial services company Jefferies adjusted its one-year price target for Forward Air from $30 to $47.

Sourcing Journal reached out to Forward Air Corp.

Alta’s letter to Forward Air’s board of directors also took a shot at company brass for its $2.1 billion acquisition of Omni Logistics. That deal garnered heavy scrutiny from shareholders and customers alike since it occurred last August, setting in motion a nearly 90 percent decline in stock price through late May.

“Let’s be clear: the debacle of the Omni Logistics LLC acquisition was a failure of your leadership. Replacing the CEO and tinkering with board composition does not absolve the majority of you who stood by while shareholder value has been destroyed,” said Connor Haley, managing partner at Alta Fox, in the letter. “Your misguided capital allocation and reckless oversight have caused irreparable damage to Forward Air. Do not compound your failures by continuing to ignore your shareholders and risk further tarnishing your credibility as public company directors—even after this saga concludes.”

The Forward Air board of directors and management acknowledged the letter, saying that it values the perspectives of company shareholders. The less-than-truckload (LTL), truckload and intermodal services provider said it was focused on “executing its strategic plan with a renewed sense of continuous improvement, transparency and accountability” after its executive and board shakeup earlier this year.