Israeli carrier ZIM Integrated Shipping Services has entered what appears to be the decisive stage of its months-long strategic review, yet the market continues to await clarity after the 26 December extraordinary shareholders’ meeting passed without any official follow-up communication.
Both Lloyd’s List and ShippingWatch report that ZIM’s board has rejected a revised take-private offer submitted by CEO Eli Glickman, together with shipowner Rami Ungar.
The consortium’s improved bid followed an earlier proposal that the board had already dismissed as undervaluing the company. According to ZIM, the revised offer is still “significantly undervalued” for the carrier.
The exact valuation has not been disclosed, but market sources cited by Lloyd’s suggest the initial bid hovered around USD 20 per share, with the updated approach - and competing interest - presumably rising above that level. Following the news, ZIM’s shares surged close to 10%, trading just under USD 22.
ZIM confirms that it has received competitive proposals from several strategic partners interested in acquiring all outstanding shares.
Israeli media had previously floated Hapag-Lloyd, Maersk, and MSC as potential suitors. MSC has firmly denied any interest, while Hapag-Lloyd maintains its stance of not commenting on market rumors. At the same time, Maersk has not provided any official statement.
ShippingWatch reiterates that neither Hapag-Lloyd nor Maersk has expressed formal interest.
The ZIM workers’ union continues lobbying the Israeli government to leverage its golden share, which could potentially block any sale.
The board describes the review as being in its “advanced stages.” Evercore, the financial advisor appointed earlier this year, is supporting the process.
However, the board stresses two key points.
1. There is no guarantee that any transaction will materialize.
2. The board will not issue further updates until either a deal is reached or the review is otherwise concluded.
ShippingWatch highlights similar language: the process may end “without a sale” despite the bids received.
An extraordinary shareholders’ meeting took place on 26 December, primarily intended to elect new directors after the board reached a settlement with dissident shareholders earlier in the month.
As of 29 December, no official update has been issued regarding decisions, discussions, or implications from that meeting - leaving investors, employees, and industry observers waiting for clarity during a period of heightened speculation.
