The most recent experimental data for all measured production and decay channels of the bottomonium-like states $Z_b(10610)$ and $Z_b(10650)$ are analysed simultaneously using solutions of the Lippmann-Schwinger equations which respect constraints from unitarity and analyticity. The interaction potential in the open-bottom channels $B^{(*)}bar{B}^{*}+mbox{c.c.}$ contains short-range interactions as well as one-pion exchange. It is found that the long-range interaction does not affect the line shapes as long as only $S$ waves are considered. Meanwhile, the line shapes can be visibly modified once $D$ waves, mediated by the strong tensor forces from the pion exchange potentials, are included. However, in the fit they get balanced largely by a momentum dependent contact term that appears to be needed also to render the results for the line shapes independent of the cut-off. The resulting line shapes are found to be insensitive to various higher-order interactions included to verify stability of the results. Both $Z_b$ states are found to be described by the poles located on the unphysical Riemann sheets in the vicinity of the corresponding thresholds. In particular, the $Z_b(10610)$ state is associated with a virtual state residing just below the $Bbar{B}^{*}/bar B{B}^{*}$ threshold while the $Z_b(10650)$ state most likely is a shallow state located just above the $B^*bar{B}^{*}$ threshold.
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