MONTHS after ZIM Integrated Shipping Services received and rejected a takeover offer, the company’s board has announced it has received “indications of interest from multiple parties, including strategic interest”.
ZIM began a strategic review of alternatives after receiving a preliminary, non-binding proposal to acquire all the outstanding ordinary shares of the company from its own president and CEO, Eli Glickman, along with the president and founder of fellow Israeli company Ray Car Carriers, Rami Ungar.
At that time (12 August) ZIM said that it was aware of the rumours in the market regarding a possible acquisition proposal but “as a matter of policy, the company does not comment on market rumours or speculation”.
In a statement released on Tuesday Israeli time [25 November] the board said it was focused on delivering significant value to all the company's shareholders.
Following the receipt of the Glickman/Ungar offer the board “promptly commenced a strategic review of alternatives” with Evercore engaged as its financial advisor and Meitar Law Offices and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel.
“The review, which has been ongoing for the past several months, includes consideration of potential value creation alternatives, including a sale of the Company and capital allocation and return opportunities, with the goal of maximizing shareholder value.
“In connection with this review, the ZIM Board of Directors has received indications of interest from multiple parties, including strategic interest, which it is evaluating carefully.
“There is no assurance that any transaction will occur as a result of this review of alternatives and the ZIM Board of Directors does not expect to provide updates regarding this review until an agreement is reached or the review is otherwise completed.
“ZIM's Board of Directors has recently added two new highly regarded independent directors — Yair Avidan and Dr. Yoram Turbowicz — who supplement the Board's substantial financial and transactional expertise as it continues to evaluate value-maximizing alternatives.”
Israeli financial media has speculated about possible interested buyers, led by Maersk. No other prospects have so far broken cover.