Zim Integrated Shipping Services confirmed Tuesday it is reviewing buyout offers from several parties, including its chief executive.

Zim said in a statement its board of directors has been reviewing a buyout proposal from Chief Executive Eli Glickman and Rami Ungar, who controls roll-on/roll-off carrier Ray Shipping, for several months.

“In connection with this review, the ZIM board of directors has received indications of interest from multiple parties, including strategic interest, which it is evaluating carefully,” Zim said. “Strategic interest” generally means a bidder in the same industry, so Zim is at least alluding to another carrier as a potential interested party.

As part of its review of the offers, Haifa-based Zim added two new board members, including Yair Avidan, a former bank executive, and Yoram Turbowicz, a former Israeli government executive. Zim has also hired investment bank Evercore as financial advisor and legal firms Meitar and Skadden, Arps.

The ocean carrier said there’s no assurance a deal will be made, and that it would provide an update once the strategic review is completed.

Glickman’s buyout proposal first surfaced in Israeli media reports back in August, with his offer said to be about $20 per share, which would value Zim at $2.4 billion. The carrier’s market valuation slipped to as low as $1.5 billion in mid-October amid the rout in freight rates.

As of March 2025, Glickman owned about 1% of Zim.

Carrier went public in 2021

Zim reported a 90% year-over-year drop in third-quarter net income last week, but still managed to beat analysts’ estimates and affirmed its previous 2025 profit forecast. Zim shares have risen 14% since its third-quarter earnings release.

Zim made its public company debut in January 2021, raising $217.5 million and giving it an initial valuation of $1.3 billion. By March 2022 at the peak of the container shipping surge, the company reached a market value of $8.6 billion.

Since its public offering, the carrier has leaned mostly on short-term chartering of Panamax ships that fit with its focus on express services. Zim has also contracted for its own newbuild ships and long-term charters of post-Panamax vessels and is currently in a slot charter agreement with Mediterranean Shipping Co. for trans-Pacific services.