Zim Integrated Shipping Services confirmed it is evaluating a number of buyout proposals but ruled out an acquisition led by its current chief executive.
The company (NYSE: ZIM) in a statement said that its board of directors is evaluating proposals from “multiple strategic parties” to acquire all the shares of the Haifa-based container carrier.
The board said it rejected as “undervalued” a revised proposal from Zim president and chief executive Eli Glickman and Israeli shipping magnate Rami Ungar.
The company did not confirm reports that Maersk (MAERSK-B.CO), its Gemini partner Hapag-Lloyd (HLAG.DE) and privately-held Mediterranean Shipping Co. were interested in acquiring Zim.
Zim, the 10th largest global liner operator with more than 705,000 twenty foot units’ (TEU) capacity, has seen its share price rise more than 3.5% in the past month.
The review is in advanced stages, and the company said it did not plan to issue updates until an agreement is reached.
Zim employees earlier urged the board to reject on security grounds any Hapag-Lloyd offer as Qatari and Saudi investors hold significant shares in the company.
In an email to FreightWaves, Hapag-Lloyd Senior Director of Communications Nils Haupt said that the company does not comment on market rumors. MSC in an email said, “MSC is not and never has been interested in bidding for Zim.” A Maersk spokesperson was not available for comment.
Zim did not immediately return messages for comment.
This article was updated Dec. 30 to add comments from Hapag-Lloyd and MSC.
Find more articles by Stuart Chirls here.
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