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Diana Shipping Inc. Increases All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 Per Share
Diana Shipping Inc. Increases All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 Per
About this update from Diana Shipping Inc.
[{"type":"text","content":"Increase Reflects Net Asset Value at Cyclically High Asset Values and Diana's Unwavering Commitment to Completing a Value-Maximizing Transaction for All Genco ShareholdersAmends Tender Offer Price to $24.80 Per Share in Cash and Extends Deadline to June 26, 2026Releases Investor Presentation Highlighting Financial Merits of Increased OfferUrges Genco Shareholders to Vote the GOLD Universal Proxy Card “FOR” Diana's Six Independent Director Nominees at the 2026 Annual MeetingATHENS, Greece, May 27, 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 is the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”), today announced that it has increased its previously announced offer to purchase all outstanding shares of common stock of Genco to $24.80 per share in cash from $23.50 per share in cash. In connection with the increased offer, Diana has extended the expiration of its tender offer for all the outstanding shares of Genco to 5:00 p.m., New York City time, on June 26, 2026, unless further extended. The terms of the offer are substantially similar in all other respects unless Genco declares a cash dividend or other distribution on the Genco shares with a record date prior to Diana’s purchase of the shares, in which case the offer price will be reduced by the amount payable per share. Diana has released an investor presentation that highlights the financial merits of the increased offer. The presentation can be found at www.CashforGenco.com. Diana's increased offer of $24.80 per share in cash represents a compelling value for Genco shareholders across every relevant measure, including:A 39% premium to Genco's undisturbed closing share price on November 21, 2025, the last trading day before Diana's initial offer to acquire Genco, and a 48% premium to Genco's 30-day volume-weighted average price as of that date; andPricing at approximately 1.0x Genco's net asset value (“NAV”) (adjusted for Genco’s newly adopted employee severance plan) – at cyclically high asset values – based on the most recent available data from VesselsValue, the same source Genco has used for fleet valuations for more than five years. As a result of Diana's offer, Genco’s share price is currently t...