ZIM Integrated Shipping Services has appointed Wall Street advisory firm Evercore to identify alternative buyers, as initial signals from CEO Eli Glickman and veteran shipping investor Rami Unger have not met the company’s valuation expectations.
According to Israeli financial daily Calcalist, Glickman and Unger are weighing a take-private deal for the Haifa-headquartered carrier. Their indicative offer is believed to be around $20 per share—below ZIM’s substantial $2.9 billion cash reserves, equivalent to roughly $24 per share.
Sources suggest the board is unwilling to entertain a transaction that undervalues the company’s balance sheet strength. No formal bid has yet been tabled, and ZIM has declined to comment on the reports.
The decision to bring in Evercore indicates ZIM’s intent to test broader market interest. Industry speculation points to potential engagement with leading global carriers, including Maersk, with which ZIM already has deep cooperation on transpacific services. However, no competing offers have surfaced to date.
This is not the first time ZIM’s ownership has been in focus. The company, which underwent a significant debt restructuring in 2014, staged a remarkable turnaround with its 2021 New York IPO during the pandemic container boom. Yet, its share price has since declined sharply amid market normalization and losses reported in 2023.
Despite this, ZIM’s cash-rich position and flexible charter-heavy fleet model continue to make it an attractive target in a consolidating sector where financial strength and scale are increasingly valued.
In a client note, investment bank Jefferies wrote: “The retention of Evercore underscores the board’s reluctance to accept a take-private proposal below cash value. With $2.9 billion in liquidity and no significant near-term debt maturities, ZIM holds a strong hand in negotiations.”
