Genco Refuses to Delay AGM After Diana Raises Offer in Last-Minute Play
Diana said the revised bid gives Genco holders $24.80 in cash and one Diana share, a 53% premium to the earlier proposal.
- On Wednesday, Diana Shipping Inc. increased its acquisition offer for Genco Shipping & Trading Limited to an implied value of $27.34 per share and formally requested that Genco delay today's Annual Meeting to allow shareholders time to evaluate the proposal.
- Diana, Genco's largest shareholder with more than 14 percent of outstanding stock, has pursued this acquisition since July 2025 after failing to win support for its proposed slate of directors on Genco's board.
- The revised offer comprises $24.80 in cash and one Diana share valued at $2.54, representing a 53 percent premium to Genco's share price last November and a 6 percent premium to its net asset value.
- Genco's board confirmed it would proceed with today's Annual Meeting, stating it would "carefully review the revised proposal from Diana" while calling a delay an "undue burden on Genco shareholders."
- Genco management urged shareholders to vote before the 11:59 pm deadline, while Diana warned it would have to reconsider its actions if it fails to secure support in today's shareholder vote.
10 Articles
10 Articles
The Manila Times
allaboutshipping.co.ukDiana Shipping Inc. Raises Offer to Acquire Genco Shipping & Trading to $27.34 Per Share Comprised of $24.80 in Cash and One Diana Share
Diana Shares Valued at $2.54 Per Share Based on Diana's Volume-Weighted Average Price for the 30 Days Ended on June 16, 2026
Diana Shipping Inc. Raises Offer to Acquire Genco Shipping & Trading to $27.34 Per Share Comprised of $24
Diana Shares Valued at $2.54 Per Share Based on Diana's Volume-Weighted Average Price for the 30 Days Ended on June 16, 2026 Revised Offer Reflects a 53% Premium to Genco's Undisturbed Share Price and a 6% Premium to NAV at Cyclically High Drybulk Asset Values at or Near 15-Year Highs Provides Genco Shareholders Immediate Cash Certainty Plus Opportunity for Equity Participation in the Combined Company Diana Requests That Genco Delay the Annual M…
Diana sweetens Genco bid again with cash-and-stock offer
Greek dry bulk owner Diana Shipping has increased its takeover proposal for US-listed rival Genco Shipping & Trading for a fourth time, adding a stock component to its latest bid and valuing the target at $27.34 per share. The Athens-based owner, which is already Genco’s largest shareholder, said the revised proposal consists of $24.80 per …
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