Diana Shipping launches website for Genco proxy campaign

Diana Shipping Inc. (NYSE: DSX) launched a campaign website at www.CashforGenco.com as part of its effort to elect six independent director candidates to Genco Shipping & Trading Limited's (NYSE: GNK) board at the company's annual meeting on June 18, 2026.

Diana, which owns approximately 14.7% of Genco's outstanding shares, has proposed acquiring Genco for $23.50 per share in cash, representing what the company describes as a 31% premium to Genco's undisturbed share price. The website details Diana's case for change at Genco, including allegations that the Genco board has refused to engage with Diana's acquisition proposal for six months.

The website provides information on Diana's six independent director nominees: Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes. Diana states these candidates bring experience across dry bulk shipping, finance, mergers and acquisitions, and corporate governance.

Diana commenced a tender offer on May 4, 2026, to purchase all outstanding Genco shares at $23.50 per share through its subsidiary 4 Dragon Merger Sub Inc. The tender offer is scheduled to expire at 5:00 p.m. New York time on June 2, 2026, unless extended.

The offer includes several conditions, including Genco entering into a definitive merger agreement with Diana, shareholders tendering a majority of outstanding shares, termination of Genco's shareholder rights plan, and board approval under certain affiliate transaction provisions. These conditions are within Genco's and its board's control.

If successful, Diana intends to complete a second-step merger where remaining shareholders who did not tender would receive the same $23.50 per share in cash.

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