The share price of ZIM Integrated Shipping Services (NYSE: ZIM) is up by nearly 9% in pre-market trading in New York following an update on a possible acquisition of the company, which has no controlling core. The company’s board of directors embarked on a process of examining strategic possibilities after receiving a buyout offer from its CEO Eli Glickman together with shipping magnate Rami Ungar. Their offer was rejected, and a process began in which ZIM received expressions of interest from various parties, and is believed to have received binding offers to acquire it.
Yesterday after the close on Wall Street ZIM released a report stating: "As part of the review of strategic alternatives that has been on-going during the past several months, the ZIM Board of Directors received competitive proposals from multiple strategic parties to acquire all the outstanding ordinary shares of the Company, and it is currently evaluating such proposals with a focus on delivering significant value to all the Company's shareholders."
Meanwhile, Glickman and Ungar have improved on their original offer, which is believed to have been $20 per share, which values the company at $2.4 billion and is close to the current market price. The latest update from the board states however, "After careful consideration, the ZIM Board of Directors concluded that this proposal significantly undervalued the Company and informed the management-led entity that its revised proposal was declined."
The update further states, "The strategic review, which is in advanced stages, includes consideration of potential value creation alternatives, such as a sale of the Company and capital allocation and potential return opportunities, with the goal of maximizing shareholder value."
"Globes" revealed that one of the companies interested in acquiring ZIM is Hapag-Lloyd, and that it has apparently submitted an offer. Reports that another major shipping company, MSC, was also interested in ZIM have been denied by MSC.
The prospect of a sale of ZIM to Hapag-Loyd (or any competitor) has aroused strong opposition from ZIM’s workers committee. Committee chairperson Oren Caspi told "Globes": "We will not allow the company to be transferred to foreign ownership. After October 7, to place the country’s security in foreign hands will be a lasting mistake. We as a committee are embarking on a war to the end. It’s not a matter of money, but a demand to safeguard open shipping routes and continuity of supply in emergencies. We are doing the state’s work on this issue."
The committee is examining a declaration of a labor dispute, and recently held meetings with Minister of Transport Miri Regev and members of Knesset, and is also due to hold a meeting with the minister of finance.
Published by Globes, Israel business news - en.globes.co.il - on December 23, 2025.
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