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Investing.com -- ZIM Integrated Shipping (NYSE:ZIM) stock surged 20% in premarket trading Monday following reports that CEO Eli Glickman and other executives are seeking to take the company private.
According to Israeli business publication Calcalist, Glickman has joined with five other executives and businessman Rami Ungar in a bid to acquire the Israel-based shipping company. The group’s offer reportedly values ZIM at up to $2.4 billion, representing a significant premium to the company’s previous market capitalization of approximately $1.87 billion as of the last market close.
The publication did not disclose the source of its information regarding the potential buyout. If confirmed, the privatization would remove ZIM from public markets where it has faced significant volatility in recent years amid fluctuating shipping rates and geopolitical tensions affecting maritime trade routes.
ZIM, which operates a global container shipping fleet, has been navigating challenging market conditions as the shipping industry adjusts to post-pandemic trade patterns. The company has maintained routes through the Red Sea despite recent security concerns in the region.
The stock move reflects investor interest in the potential premium offered in the reported privatization bid, which would represent approximately a 28% premium to ZIM’s previous valuation.
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