ZIM Integrated Shipping Shares Are Trending Overnight: Here's Why

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) shares are trending on Wednesday.

Check out the current price of ZIM stock here. 

Shares of the Israel-based company slipped 1.13% in after-hours trading on Tuesday, closing at $19.29.

Board Reviews Acquisition Proposal

According to a statement issued on Tuesday, ZIM Integrated Shipping Services’ board is conducting a strategic review after receiving a preliminary, non-binding proposal from CEO and President Eli Glickman and Rami Ungar to purchase all outstanding ordinary shares.

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Multiple Parties Express Interest

The board of ZIM appointed Meitar Law Offices and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel, and Evercore as a financial advisor.

The company said the review has been ongoing for several months and that it has received indications of interest from multiple parties, including strategic buyers.

Board Adds Two Directors

Independent directors Yair Avidan and Dr. Yoram Turbowicz were added to the board.

The review also includes consideration of a potential sale of the company and capital allocation and return opportunities.

According to ZIM, there is no guarantee that a transaction will take place, and they do not anticipate providing updates until a deal is reached.

Stock Performance

The stock of the cargo shipping company has fallen 16.30% year to date but risen 11.29% over the past six months.

ZIM has a 52-week range of $11.04 to $23.61 and a market capitalization of $2.35 billion.

Price Action: ZIM Integrated Shipping Services rose 13.63%, to $19.51, according to Benzinga Pro data.

Benzinga’s Edge Stock Rankings highlight ZIM has a Growth score of 58.87. Track the performance of other players in this segment.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.