Israeli container shipping company Zim is being sold
Israeli container shipping company Zim Integrated Shipping Services announced that it is evaluating multiple acquisition offers but has rejected the bid led by current CEO Eli Glickman.
In recent years, despite allegations of embargo, it has emerged that Zim Integrated Shipping Services continued its operations in Turkey. The company confirmed that it has received and is reviewing a series of acquisition proposals.
In a statement from the Haifa-based company, which is listed on the New York Stock Exchange (NYSE: ZIM), the board of directors noted that it has examined offers from “multiple strategic parties” seeking to acquire all shares.
The company’s management rejected the revised offer submitted by Zim President and CEO Eli Glickman together with Israeli shipping magnate Rami Ungar, stating that it was “below the company’s true value.”
Zim has not yet officially confirmed reports that industry giants such as Maersk, Gemini partner Hapag-Lloyd, and privately held Mediterranean Shipping Co. (MSC) are interested in the acquisition process.
Ranked as the world’s 10th largest liner operator with a capacity exceeding 705,000 TEU, the company’s shares gained more than 3.5% in value over the past month.
In its statement, the company added that the review process is “at advanced stages” and that no further updates will be provided until an agreement is reached.
