ZIM board “reviewing alternatives” including sale

After a protracted interval by which it issued no response to stories to this impact, the board of administrators of ZIM Built-in Transport Providers (NYSE: ZIM) confirmed immediately that “for the previous a number of months” it has been analyzing strategic alternate options for the corporate, after its CEO Eli Glickman along with Rami Ungar, whose pursuits embrace transport, actual property, and automobile imports, made a non-binding preliminary supply to purchase the entire shares in ZIM.

Stories prior to now that Glickman was placing collectively such a proposal with Ungar have been neither confirmed nor denied formally. At present’s announcement states: “Following the receipt of a preliminary, non-binding proposal to accumulate all of the excellent bizarre shares of the corporate from Eli Glickman, the corporate’s Chief Government Officer and President, and Rami Ungar, ZIM’s board of administrators promptly commenced a strategic evaluation of alternate options.”

So far as is thought, the board determined to not proceed with the supply from Glickman and Ungar.

“The evaluation, which has been ongoing for the previous a number of months, contains consideration of potential worth creation alternate options, together with a sale of the corporate and capital allocation and return alternatives, with the purpose of maximizing shareholder worth,” immediately’s announcement states, and continues, “In reference to this evaluation, the ZIM board of administrators has acquired indications of curiosity from a number of events, together with strategic curiosity, which it’s evaluating rigorously.”

The ZIM board has engaged Evercore as its monetary advisor and Meitar Legislation Workplaces and Skadden, Arps, Slate, Meagher & Flom LLP as its authorized counsel.

ZIM’s share value is presently up by round 6% in response to the announcement.

The corporate cautions that “there is no such thing as a assurance that any transaction will happen on account of this evaluation of alternate options and the ZIM Board of Administrators doesn’t anticipate to offer updates relating to this evaluation till an settlement is reached or the evaluation is in any other case accomplished.”

ZIM was floated on the New York Inventory Change almost 5 years in the past at a post-money valuation of $1.7 billion. Since then the corporate’s share value has been reasonably risky, in response to fluctuations in transport costs. On the peak, the corporate had a market cap of some $10 billion, whereas the low two years in the past was beneath $1 billion. The present market cap is $2.2 billion. On the finish of the third quarter the corporate had over $3.1 billion money.

Final 12 months, Idan Ofer’s Kenon Holdings, which had been the controlling shareholder in ZIM, bought its remaining shares at a big revenue. Shortly afterwards, the Avenue Insider web site reported that Glickman was contemplating a administration buyout of the corporate.

Glickman has been CEO of ZIM since July 2017. Earlier than that he was CEO of Israel Electrical Company and deputy CEO of Companion Communications (TASE: PTNR). In his navy service he was commander of the Shayetet 13 naval commando. He instructed “Globes prior to now that when he got here to ZIM, the corporate “was going through insolvency – it’s no secret.”

“Once they approached me to grow to be CEO of ZIM I mentioned, ‘What? Am I loopy?’. It took greater than six months of approaches and ultimately I made a decision to come back due to two issues: the problem and the compensation. I took an enormous private threat to my credit score once I got here to an organization like ZIM,” Glickman mentioned then.

A gaggle of Israeli shareholders holding a complete of 8% of ZIM’s shares just lately requested to nominate three administrators on its behalf, to be voted on on the forthcoming shareholders assembly in December. For its half, ZIM has introduced the appointment of two new administrators: former supervisor of banks on the Financial institution of Israel Yair Avidan, and Dr. Yoram Turbowicz, a former competitors commissioner and head of the prime minister’s bureau.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on November 25, 2025.

© Copyright of Globes Writer Itonut (1983) Ltd., 2025.