Upon receiving a preliminary non-binding proposal to acquire all of the company’s outstanding ordinary shares from Eli Glickman, Chief Executive Officer and President, and Rami Ungar, the Board of Directors of ZIM immediately initiated a strategic review of alternatives.
In connection with this review, the Board hired Evercore as a financial advisor and Meitar Law Offices and Skadden, Arps, Slate, Meagher & Flom as legal advisors.
The review, which has been conducted over the past few months, includes the consideration of potential value creation alternatives, such as the sale of the company and capital allocation and profitability opportunities, with the aim of maximizing value for shareholders. In connection with this review, ZIM’s Board of Directors has received indications of interest from various parties, including strategic interests, which it is carefully evaluating.
There can be no assurance that any transaction will result from this review of alternatives and ZIM’s Board does not expect to provide updates regarding this review until an agreement is reached or the review is otherwise completed.
ZIM’s Board of Directors has recently appointed two new independent directors, Yair Avidan and Dr. Yoram Turbowicz, who complement the Board’s significant financial and transactional expertise as it continues to evaluate value-maximizing alternatives.
