Following the receipt of a preliminary non-binding proposal for the acquisition of all outstanding ordinary shares of the company from Eli Glickman, the company’s Chief Executive Officer and President, and the entrepreneur Rami Ungar, the Board of Directors of Zim promptly initiated a strategic evaluation of alternatives. In relation to this evaluation, the Board of Directors of Zim has engaged Evercore as financial advisor and Meitar Law Offices and Skadden, Arps, Slate, Meagher & Flom Llp as legal advisors.
This is explained in a note from the Israeli liner: “The review, which has been ongoing for several months, includes the evaluation of potential value creation alternatives, including the sale of the Company and capital allocation and return opportunities, with the objective of maximizing value for shareholders. In relation to this review, the Board of Directors of Zim has received indications of interest from multiple parties, including strategic interests, which it is carefully evaluating.”
There is no guarantee that any transaction will occur as a result of this review of alternatives and the Board of Directors of Zim does not expect to provide updates regarding this review until an agreement is reached or the review is otherwise completed.
The Board of Directors of Zim recently appointed two new independent directors, Yair Avidan and Yoram Turbowicz, “who complement the Board’s significant financial and transactional expertise, as it continues to evaluate alternatives that maximize value.”
The Israeli State holds a golden share in ZIM, confirmed at the time of the company’s privatization, according to which the company’s board of directors must have an Israeli majority, starting with the positions of Chairman and Chief Executive Officer. After the almost complete exit of the Ofer family, the ownership is spread among various shareholders, including large investment funds such as BlackRock and State Street Global Advisors, along with other institutional investors.
