Diana Shipping narrows proxy contest to two nominees for Genco board

Diana Shipping Inc. (NYSE: DSX) announced it is focusing its proxy contest on electing two nominees to Genco Shipping & Trading Limited's (NYSE: GNK) board of directors, withdrawing four other candidates from consideration.

The shipping company said it will concentrate on electing Jens Ismar and Paul Cornell to Genco's board at the June 18, 2026 annual meeting. Diana withdrew nominations for Gustave Brun-Lie, Chao Sih Hing Francois, Viktoria Poziopoulou and Quentin Soanes.

Diana, which describes itself as Genco's largest shareholder, owns 6,264,548 shares representing approximately 14.4% of Genco's outstanding common stock. The company is recommending shareholders vote to withhold support from Genco nominees Basil G. Mavroleon and Arthur L. Regan.

"Diana's $24.80 per share all-cash offer is inextricably linked to the outcome of the Annual Meeting," the company stated. Diana indicated it will reassess continuing its tender offer if Ismar and Cornell are not elected.

Ismar previously served as CEO of Western Bulk for 11 years and currently serves as a director of Awilco LNG. Cornell co-founded Quintana Maritime in 2005, grew it into what Diana described as one of the world's largest drybulk carrier companies, and later sold the business.

Diana commenced a tender offer in May 2026 to purchase all outstanding Genco shares, initially at $23.50 per share and later increased to $24.80 per share. The offer is scheduled to expire at 5:00 p.m. New York time on June 26, 2026, unless extended.

The tender offer is subject to several conditions including Genco entering into a definitive merger agreement, shareholders tendering a majority of outstanding shares, and termination of Genco's shareholder rights plan.

You May Also Be Interested In

• DXL board reviews revised $0.84-per-share takeover bid from Zodiac
• Sony Semiconductor Solutions unveils 64MP mobile image sensor
• Silvercorp GC Mine mineral resources rise 59% in updated report