ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) shares traded higher on Monday after reports emerged that CEO Eli Glickman and a group of executives are pursuing a bid to take the company private.
What To Know: Israeli business outlet Calcalist reported that Glickman, five other executives and businessman Rami Ungar are seeking to acquire the Israel-based shipping company in a deal valued at up to $2.4 billion.
The reported offer represents a significant premium to ZIM's market cap of about $1.87 billion. Calcalist did not disclose a source for the information, and the company has not publicly confirmed the bid.
If completed, the privatization would remove ZIM from the public market, where it has experienced heightened volatility in recent years due to shifting shipping rates and geopolitical tensions impacting maritime trade routes. The company continues to operate global container services, including routes through the Red Sea despite ongoing security risks in the region.
The stock reaction reflects investor interest in the potential payout implied by the reported deal
ZIM Price Action: ZIM Integrated Shipping shares closed Monday up 15.03% at $17.83. The stock has traded as high as $30.15 and as low as $11.03 over the past year, according to Benzinga Pro.
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