Genco receives revised $23.50 per share bid from Diana Shipping

Genco Shipping & Trading Limited (NYSE: GNK) confirmed it received a revised acquisition proposal from Diana Shipping Inc. to purchase all outstanding shares not already owned by Diana for $23.50 per share in cash.

The offer represents an increase from Diana's previous $20.60 per share proposal made in January 2026. Diana currently owns approximately 14.8% of Genco's common stock.

Genco's board unanimously rejected the earlier proposal, determining it significantly undervalued the company and was not in shareholders' best interests. The board stated it will review the revised non-binding proposal with external advisors.

The company said no shareholder action is required at this time and the board does not intend to comment until completing its review.

Genco operates a fleet of 45 dry cargo vessels with aggregate capacity of approximately 5,044,000 deadweight tons, focusing on transporting commodities including iron ore, coal, grain, steel products, bauxite, cement and nickel ore globally.

Jefferies LLC serves as financial advisor to Genco, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP act as legal counsel.

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