ZIM Integrated gains amid report board looking for outside offers

[Transportation of ZIM sea containers]
Volodimyr Trofimov/iStock Editorial via Getty Images

ZIM Integrated Shipping (NYSE:ZIM [https://seekingalpha.com/symbol/ZIM]) rose 6.6% amid a report that the company's board is contacting strategic buyers and investment firms to gauge their interest in buying the shipping firm.

The board is reaching out after Israeli publication Calcalist reported in August that CEO Eli Glickman, five other executives, and businessman Rami Ungar were seeking to acquire the company and take it private [https://www.calcalist.co.il/local_news/article/skfscgsoxe]. Calcalist is now reporting [https://www.calcalist.co.il/market/article/h1jz6hvolx?tbref=hp]that the board is looking to solicit other potential offers because the price of the CEO's offer doesn't satisfy the board.

ZIM's board, through its adviser Evercore, has reached out to a number of shipping companies, including Danish shipper Moller-Maersk (OTCPK:AMKBY [https://seekingalpha.com/symbol/AMKBY]), to try to gauge their interest in purchasing ZIM, according to the report.

Glickman has not yet submitted an offer with a formal price, Calcalist reported. Calcalist reported in August that the group was said to be offering to buy up ZIM (NYSE:ZIM [https://seekingalpha.com/symbol/ZIM]) shares for $20 each. [https://seekingalpha.com/news/4483296-zim-integrated-shipping-ceo-glickman-to-lead-effort-to-go-private-report]

MORE ON ZIM INTEGRATED

* ZIM Integrated Shipping: Entering Stoppage Time [https://seekingalpha.com/article/4820266-zim-integrated-shipping-entering-stoppage-time]
* ZIM: Cutting Target Price But Keeping A BUY Rating At Current Prices [https://seekingalpha.com/article/4820203-zim-cutting-target-price-but-keeping-a-buy-rating-at-current-prices]
* ZIM Integrated: Best Time To Buy Is When Things Appear Bad (Rating Upgrade) [https://seekingalpha.com/article/4819649-zim-integrated-best-time-to-buy-is-when-things-appear-bad-rating-upgrade]
* 'Golden share' makes ZIM a tough takeover target, CEO Glickman says [https://seekingalpha.com/news/4490148-golden-share-makes-zim-a-tough-takeover-target-ceo-glickman-says]
* ZIM Integrated Shipping warns on Turkish ban on Israeli vessels [https://seekingalpha.com/news/4488729-zim-integrated-shipping-warns-on-turkish-ban-on-israeli-vessels]