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Diana Shipping Inc. Comments on Genco Shipping & Trading Rejection of Diana’s Increased Offer to Acquire Genco, Made in Partnership with Star Bulk Carriers
Diana Urges Genco Board to Engage in Good Faith Negotiations to Reach Definitive Agreement Proposal Has No Execution Risk Given Financing Commitment from Leading Banks Agreement With Star Bulk Will Have No Impact on Genco Shareholders Genco Shareholders Are Being Denied Opportunity to Realize Premium Valuation Diana to Move Forward With Effort to Elect Slate of Independent Director Nominees That Will Be Open to All Opportunities to Maximize Shareholder Value, Including Diana’s Proposal ATHENS, G
About this update from Diana Shipping Inc.
[{"type":"text","content":"Diana Urges Genco Board to Engage in Good Faith Negotiations to Reach Definitive Agreement ","length":90,"tagName":"p"},{"type":"text","content":"Proposal Has No Execution Risk Given Financing Commitment from Leading Banks ","length":76,"tagName":"p"},{"type":"text","content":"Agreement With Star Bulk Will Have No Impact on Genco Shareholders","length":66,"tagName":"p"},{"type":"text","content":"Genco Shareholders Are Being Denied Opportunity to Realize Premium Valuation","length":76,"tagName":"p"},{"type":"text","content":"Diana to Move Forward With Effort to Elect Slate of Independent Director Nominees That Will Be Open to All Opportunities to Maximize Shareholder Value, Including Diana’s Proposal","length":178,"tagName":"p"},{"type":"text","content":"ATHENS, Greece, March 20, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX) (“Diana” or the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”), today commented on the Genco Board of Directors’ (the “Genco Board”) rejection of Diana’s increased and fully financed all-cash offer to acquire all of the issued and outstanding shares of Genco not already owned by Diana for $23.50 per share. The increased offer was made on March 6, 2026 in partnership with Star Bulk Carriers Corp. (Nasdaq: SBLK) (“Star Bulk”).","length":710,"tagName":"p"},{"type":"text","content":"Semiramis Paliou, Diana’s Chief Executive Officer, commented:","length":61,"tagName":"p"},{"type":"text","content":"“Our fully financed increased offer is an attractive opportunity for all Genco shareholders to realize a premium valuation in line with Genco’s implied NAV, using the Company’s own fleet values publicly disclosed in its February 18, 2026 investor presentation.1 Rather than constructively engage with Diana regarding our premium proposal, the Genco Board has for the second time dismissed it without seeking any clarification.","length":426,"tagName":"p"},{"type":"text","content":"“At the same time, they have continued to raise unfounded questions about our financing that are clearly disproved by our public disclosures. The total $1.433 billion financing is fully committed and not conditional on the sale of vessels to ...