Genco responds to Diana Shipping's director nominee withdrawal

Genco Shipping & Trading Limited (NYSE: GNK) issued a statement responding to Diana Shipping Inc.'s decision to withdraw four of its director nominees for election to Genco's board, leaving two nominees remaining.

Diana reduced its slate to focus on electing Jens Ismar and Paul Cornell to Genco's board. Diana announced that its tender offer "is inextricably linked to the outcome of the Annual Meeting."

Three proxy advisory firms - ISS, Glass Lewis and Egan-Jones - recommended shareholders vote for all of Genco's director nominees and withhold votes on Diana's nominees, according to Genco's statement.

Genco characterized Diana's action as "a sign of desperation and continued gamesmanship" and stated it represents an effort to advance Diana's takeover attempt. The company claims Diana's remaining nominees pose risks to shareholder investments.

The statement notes that Ismar led Western Bulk into bankruptcy and Cornell served on only one U.S.-listed company board for one year, during which ISS issued a withhold recommendation against his candidacy.

Diana has made a $24.80 per share tender offer for Genco. The company's board adopted a shareholder rights plan in response to Diana's stock accumulation and recommends shareholders reject the tender offer.

Genco operates 43 drybulk vessels with aggregate capacity of approximately 4,935,000 deadweight tons. The company transports commodities including iron ore, coal, grain, steel products and bauxite globally.

The board encourages shareholders to vote the white proxy card for Genco's six director nominees and against Diana's shareholder proposals.

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