Israeli business news outlet Calcalist is reporting that ZIM CEO Eli Glickman is teaming up with Israeli shipping magnate Abraham Unger in a bid to take ZIM private. A deal is reportedly being discussed in the $2.4bn range, which is equal to roughly $20 a share. Earlier this year, there were reports of a management-led buyout, and last year as well, though nothing came of those discussions. 

Ungar runs Ray Shipping, a car carrier specialist, and has extensive real estate interests, ranking high up on Israeli rich lists. Glickman has been the head of ZIM, the world’s ninth largest liner, for the past eight years, listing the company on the New York Stock Exchange four years ago.  

According to investment bank Jefferies, a transaction could be difficult, as a tender offer for all shares would require a 95% acceptance and a merger proposal would also require Israeli government approval.