ZIM board “reviewing alternatives” including sale

After a long period in which there was no response to reports to this effect, the Board of Directors of ZIM Integrated Shipping Services (NYSE: ZIM) today confirmed that “over the past few months” it has been examining strategic alternatives for the company, after CEO Eli Glickman together with Rami Ungar, whose interests include shipping, real estate and vehicle imports, made an initial non-binding offer to buy all shares in ZIM.

Previous reports that Glickman was developing such a proposal with Ungar have neither been officially confirmed nor denied. Today’s announcement reads: “After receiving an initial non-binding offer to acquire all of the Company’s outstanding common shares from Eli Glickman, the Company’s CEO and President, and Rami Ungar, ZIM’s Board of Directors immediately began a strategic review of alternatives.”

As far as is known, the board has decided not to move forward with the offer from Glickman and Ungar.

“The review, which has been ongoing over the past several months, includes consideration of potential value creation alternatives, including the sale of the company, capital allocation and return opportunities, with the goal of maximizing shareholder value,” today’s announcement states, and continues, “In connection with this review, ZIM’s Board of Directors has received indications of interest from multiple parties, including strategic interest, which is carefully evaluating.”

ZIM’s Board of Directors has appointed Evercore as its financial advisor and the law offices of Meitar and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor.

ZIM’s share price is currently up about 6% in response to the announcement.

The company warns, “There is no assurance that any transaction will occur as a result of this review of alternatives and ZIM’s Board of Directors does not expect to provide updates regarding this review until an agreement is reached or the review is otherwise completed.”

ZIM went public on the New York Stock Exchange nearly five years ago at a post-cash valuation of $1.7 billion. The company’s stock price has since become somewhat volatile, in response to fluctuations in shipping rates. At its peak, the company’s market capitalization was about $10 billion, while its low two years ago was less than $1 billion. The current market value is $2.2 billion. At the end of the third quarter, the company had more than $3.1 billion in cash.

Last year, Idan Ofer’s Kenon Holdings, which was ZIM’s controlling shareholder, sold its remaining shares at a significant profit. Shortly thereafter, Street Insider reported that Glickman was considering a management buyout of the company.

Glickman has been CEO of ZIM since July 2017. Prior to that, he was CEO of Israel Electric Corporation and Executive Vice President of Partner Communications (TASE: PTNR). During his military service, he was commander of 13 naval commandos. He told the Globes in the past that when he came to ZIM, the company was “facing bankruptcy — that’s no secret.”

“When they called me to become CEO of ZIM, I said, ‘What? Am I crazy?’. It took over six months of communications, and in the end I decided to come because of two things: the challenge and the compensation. I took a huge personal risk on my credibility when I joined a company like ZIM,” Glickman said at the time.

A group of Israeli shareholders who own a total of 8% of ZIM shares recently requested the appointment of three directors on its behalf, to be voted on at the next shareholders meeting in December. For its part, ZIM announced the appointment of two new directors: former Superintendent of Banks at the Bank of Israel, Yair Avidan, and Dr. Yoram Torbovich, former Competition Commissioner and Head of the Prime Minister’s Office.

Published by Globes, Israel Business News – en.globes.co.il – on November 25, 2025.

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