ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) shares jumped 15% on Tuesday after the company confirmed that its board is in the midst of a strategic review, which includes considering possible acquisition proposals.
The Israeli-based container shipping group said its directors have been evaluating strategic alternatives for several months, following a preliminary and non-binding takeover approach submitted by CEO Eli Glickman and Rami Ungar. To support the process, the board has hired Evercore as its financial advisor, along with legal counsel from Meitar Law Offices and Skadden, Arps.
According to the announcement, the review encompasses a range of potential paths to enhance shareholder value, including a possible sale of the business as well as other capital allocation measures. The board noted it has received “indications of interest from multiple parties, including strategic interest,” which it is currently assessing.
ZIM emphasized that the review may or may not result in any formal transaction and said it does not intend to issue additional updates unless a deal is finalized or the process concludes.
In parallel with the review, the board recently appointed two new independent directors — Yair Avidan and Dr. Yoram Turbowicz — adding further financial and strategic expertise as the company weighs its next steps.