ZIM Integrated (ZIM) Soars to Record High on $4.2-Billion Takeover

We recently published 10 Stocks Outperforming With Monstrous Gains. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) was one of the best performers on Tuesday.

ZIM Integrated rallied to an over three-year high on Tuesday, as investors gobbled up shares following news that it was set to be acquired by German shipping giant Hapag-Lloyd AG for $4.2 billion.

In a statement, ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) said that it has entered into a definitive merger agreement, under which Hapag-Lloyd would acquire its shares at $35 apiece. The amount represented a 58 percent premium over its price on February 13.

The companies expect to close the transaction late this year, subject to regulatory approvals, including those of its shareholders.

“I am incredibly proud of the strategic transformation we have executed at ZIM over recent years, which has generated exceptional value for our shareholders,” said ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) President and CEO Eli Glickman.

“Since I joined the company in 2017, ZIM has progressed from a position of negative equity to become an industry leader with strong financial and operational performance. Since our IPO in January 2021, we have distributed an extraordinary $5.7 billion in dividends to shareholders. Upon completion of this transaction, total capital returned will be approximately $10 billion, representing more than five times the company’s initial market value five years ago, or approximately 45 times the capital raised at the IPO,” he noted.

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Disclosure: None. This article is originally published at Insider Monkey.