Diana Shipping says Genco board rejected $20.60 per share acquisition offer

Diana Shipping Inc. (NYSE: DSX) announced that Genco Shipping & Trading Limited's (NYSE: GNK) board of directors rejected its non-binding proposal to acquire all outstanding Genco shares not already owned by Diana for $20.60 per share in cash.

Diana, which owns approximately 14.8% of Genco's outstanding common stock, said the Genco board flatly rejected the proposal without engagement after taking more than six weeks to respond. The original proposal was publicly disclosed on November 24, 2025.

According to Diana, the offer represents a 23% premium to Genco's volume-weighted average price for both 30-day and 90-day periods ending November 21, 2025, and a 15% premium to Genco's closing price on that date. The proposal is backed by highly confident letters from DNB Bank and Nordea Bank for up to $1.102 billion in debt financing.

The Genco board suggested that Genco acquire Diana instead, recognizing benefits of dry bulk industry consolidation. Diana characterized this counter-suggestion as lacking basic financial terms and called it "merely a tactic that serves no serious purpose other than to dismiss and detract from Diana's attractive offer."

"We are deeply disappointed that, despite our continued willingness to enter into discussions with Genco's Board, it instead chose to reject our proposal without any engagement with us or our advisors," said Diana CEO Semiramis Paliou.

Diana stated its board is considering all options to advance its acquisition offer. The company has filed Genco's response letter with the Securities and Exchange Commission as an exhibit to Diana's Schedule 13D regarding its Genco ownership.

Diana Shipping is a global dry bulk vessel owner that transports commodities including iron ore, coal and grain on worldwide shipping routes.

You May Also Be Interested In

• SEC clears registration for Inflection Point and GOWell merger
• Matthews International names Michael Whitehead as new CEO
• Kilroy Realty names interim CFO amid executive transition