ZIM Integrated Shipping Services (ZIM) said late Monday its board of directors is reviewing competitive takeover proposals from multiple strategic parties as part of an advanced strategic review, but has rejected a revised offer from a management-led group as undervaluing the company.

The container liner shipping company said the board has been evaluating strategic alternatives for several months, including a potential sale of the company, capital allocation options and possible returns to shareholders, with the aim of maximizing shareholder value.

As part of the process, the board received a revised proposal from an entity owned by Chief Executive and President Eli Glickman and Rami Ungar. After review, the board concluded the offer significantly undervalued ZIM and informed the management-led entity that the proposal was declined.

ZIM said there is no assurance that any transaction will result from the review or the proposals received.