Zim Integrated Shipping Shares Surge over 13% on Acquisition Proposals
Dow Jones
Dec 23
Shares of Zim Integrated Shipping Services shares rose after the company said it had received several acquisition proposals.
The stock rose 13.58% to $22.58 in after-hours trading on Monday. Through the close, shares were down 7% this year.
The Israel-based logistics provider said the board of directors has received competitive proposals from multiple strategic partners to acquire the company. The proposals were part of a review of strategic alternatives that Zim has been undergoing.
Zim said it is evaluating the proposals with a focus on delivering value to shareholders.
The company also received a revised proposal from an entity owned by Chief Executive Eli Glickman. Zim's board concluded the proposal undervalued the company and informed the entity that it would decline the offer.
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