ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”) today provided an investor update on its strategic review process.
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.
The ZIM Board of Directors has also received a revised proposal from an entity owned by Eli Glickman, the Company’s Chief Executive Officer and President, and Rami Ungar. 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 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.
There is no assurance that any transaction will occur as a result of this review or the proposals received, and the ZIM Board of Directors does not intend to provide additional updates until an agreement is reached or the review is otherwise completed.
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