ZIM Integrated Shipping Services is facing a proxy battle after a group of shareholders nominated alternative board candidates following the rejection of a buyout offer from the company’s chief executive. ZIM said the board unanimously dismissed the proposal as materially undervaluing the company and continues to review other strategic options, including a potential merger. A proxy advisor has recommended shareholders re-elect the current board and vote against the investor group’s nominees at the Dec. 26 annual meeting. The dissident shareholders, who claim to hold 5% of ZIM’s stock, are also pushing for a special dividend, which the company says could weaken liquidity. ZIM has formed a transaction committee and added independent directors as it evaluates potential bids.
