ZIM Integrated Shipping Services has turned down a revised takeover proposal from a management-led group, saying the offer failed to reflect the company’s value, even as it continues to review several competing acquisition bids as part of an advanced strategic review.

The Haifa-based container carrier said its board has received proposals from multiple strategic parties seeking to acquire all outstanding shares. After reviewing the latest offer from an entity owned by CEO Eli Glickman and shipping executive Rami Ungar, the board concluded the bid “significantly undervalued the Company” and formally rejected it.

ZIM’s strategic review has been underway for several months and spans a range of options, including a potential sale, capital allocation decisions, and other measures aimed at enhancing shareholder value. The board has hired Evercore as its financial adviser and retained Meitar Law Offices and Skadden, Arps, Slate, Meagher & Flom as legal counsel.

The review comes at a difficult moment for the container shipping market. ZIM reported third-quarter net income of $123 million, an 89% drop from a year earlier, as revenues fell 36% to $1.78 billion. Average freight rates declined 35% to $1,602 per TEU, dragging adjusted EBITDA down 61% to $593 million.

Still, Glickman struck a note of resilience, pointing to the company’s ability to remain profitable despite volatile conditions shaped by geopolitics, shifting tariff policies, and an ongoing global trade war. He said ZIM’s newer, more efficient fleet and flexible deployment strategy have helped the carrier adapt quickly as freight rates come under pressure.

Despite the sharp earnings decline, ZIM declared a third-quarter dividend of $37 million, or $0.31 per share—equal to 30% of quarterly net income. Since its 2021 IPO, the company has returned roughly $5.7 billion to shareholders, far exceeding the capital it raised at listing.

The board has also added two independent directors, Yair Avidan and Dr. Yoram Turbowicz, to bolster its financial and transactional expertise during the review.

Looking ahead, ZIM raised the midpoint of its full-year 2025 outlook, now forecasting adjusted EBITDA of $2.0 billion to $2.2 billion and adjusted EBIT of $700 million to $900 million. While market conditions have softened heading into the fourth quarter, Glickman said the company’s performance to date supports the improved guidance.

Founded in 1945, ZIM operates in more than 90 countries and serves customers across more than 300 ports worldwide. As of September 30, 2025, the company carried net debt of $2.64 billion, with a net leverage ratio of 0.9x.

ZIM said it does not plan to comment further on the strategic review unless a deal is reached or the process concludes.