ZIM Integrated Shipping Services has provided an update on its ongoing strategic review process, which has been underway for several months and is now in advanced stages.
The company said its Board of Directors has received competitive proposals from multiple strategic parties to acquire all outstanding ordinary shares of ZIM. The board is currently evaluating these proposals, with a focus on delivering significant value for all shareholders.
As part of the process, the board also reviewed a revised proposal submitted by an entity owned by Eli Glickman, ZIM’s Chief Executive Officer and President, together with Rami Ungar.
Following careful consideration, the board concluded that the revised proposal significantly undervalued the company and has formally informed the management-led entity that the proposal was declined.
ZIM said the strategic review includes a range of potential value-creation alternatives, including a possible sale of the company, as well as capital allocation measures and potential return opportunities, all aimed at maximizing shareholder value.
The board emphasized that there is no assurance that the review will result in any transaction. ZIM added that it does not intend to provide further updates unless and until an agreement is reached or the strategic review is otherwise completed.
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