After a protracted interval through which it issued no response to reviews to this impact, the board of administrators of ZIM Built-in Delivery Companies (NYSE: ZIM) confirmed at this time that “for the previous a number of months” it has been analyzing strategic options for the corporate, after its CEO Eli Glickman along with Rami Ungar, whose pursuits embrace delivery, actual property, and car imports, made a non-binding preliminary supply to purchase the entire shares in ZIM.
Experiences up to now that Glickman was placing collectively such a proposal with Ungar have been neither confirmed nor denied formally. In the present day’s announcement states: “Following the receipt of a preliminary, non-binding proposal to amass all of the excellent unusual 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 options.”
So far as is understood, 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, consists of consideration of potential worth creation options, together with a sale of the corporate and capital allocation and return alternatives, with the objective of maximizing shareholder worth,” at this time’s announcement states, and continues, “In reference to this evaluation, the ZIM board of administrators has obtained 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 at present up by round 6% in response to the announcement.
The corporate cautions that “there isn’t any assurance that any transaction will happen because of this evaluation of options and the ZIM Board of Administrators doesn’t count on to supply updates concerning 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 unstable, in response to fluctuations in delivery costs. On the peak, the corporate had a market cap of some $10 billion, whereas the low two years in the past was underneath $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.
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Final yr, 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 Associate Communications (TASE: PTNR). In his navy service he was commander of the Shayetet 13 naval commando. He advised “Globes up to now that when he got here to ZIM, the corporate “was dealing with insolvency – it’s no secret.”
“After they approached me to turn into CEO of ZIM I stated, ‘What? Am I loopy?’. It took greater than six months of approaches and in the long run I made a decision to return due to two issues: the problem and the compensation. I took an enormous private threat to my credit score after I got here to an organization like ZIM,” Glickman stated then.
A gaggle of Israeli shareholders holding a complete of 8% of ZIM’s shares 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.
Printed by Globes, Israel enterprise information – en.globes.co.il – on November 25, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
