Why ZIM Integrated Shipping Services Stock Spiked This Week

Shares of ZIM Integrated Shipping Services (NYSE: ZIM) were up big this week before retreating. The stock had gained nearly 15% as trading began on Monday, but it is now up just 5.5% as of 2:33 p.m. on Friday. The S&P 500 has gained 1% and the Nasdaq-100 has gained 0.5%.A report revealed that ZIM CEO Eli Glickman and a group of investors are seeking to take the Israeli shipping company private.The Israeli business publication Cacalist reported that Glickman, five other executives from the company, and a businessman named Ramy Unger are putting a deal together to take the company private. The group's offer values the company at roughly $2.4 billion, which would equate to $20 per share -- a significant upside from Friday's close of $15.50 a share. The report also revealed that Glickman and the investors will merge the company with Rea Shipping, owned by Unger.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool