Genco board to review Diana Shipping's revised $24.80 per share tender offer

Genco Shipping & Trading Limited (NYSE: GNK) confirmed that Diana Shipping Inc. (NYSE: DSX) announced a revised tender offer to acquire all outstanding common shares of Genco not already owned by Diana at $24.80 per share in cash.

Genco's board of directors will review and evaluate the revised tender offer in consultation with financial and legal advisors to determine the course of action in the best interests of the company and shareholders, according to a company statement.

The Genco board previously rejected prior proposals from Diana, including offers at $20.60 and $23.50 per share and a previous tender offer at $23.50 per share. The board unanimously rejected these earlier proposals.

Genco will issue formal recommendations to shareholders regarding Diana's revised tender offer by filing an amended recommendation statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission.

The company advised shareholders they do not need to take action at this time regarding Diana's tender offer. Genco's board recommends shareholders vote the white proxy card "for" Genco's nominees, "withhold" on Diana's nominees and "against" their shareholder proposals.

Jefferies LLC serves as financial advisor to Genco, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP act as legal counsel. Morgan Stanley & Co. LLC serves as special advisor to the board of directors.

Genco operates a fleet of 43 dry cargo vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 deadweight tons, focusing on the transportation of commodities including iron ore, coal, grain and steel products.

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