Apollo Global Management has ceased its pursuit of a full sale of Forward Air, joining Clearlake Capital in stepping aside from the bidding process that began with the company's strategic review in January 2025. Forward Air shares slid 17% on the development, outpacing a 2–5% sell-off by trucking peers.

Apollo has surfaced as a bidder for Papa John's, prompting a sharp rise in the pizza chain's stock. The renewed takeover interest follows earlier approaches and comes as Papa John's evaluates strategic alternatives to bolster shareholder value.