10,583,484 Shares, or 28.4% of Outstanding Shares Not Owned by Diana, Tendered into Offer as of June 26, 2026
Diana's $27.34 Per Share Offer Made Directly to Genco Board — Comprised of $24.80 in Cash and One Diana Share Valued at $2.54 — Remains on the Table, Providing an Opportunity to Deliver Premium Value for All Genco Shareholders
Nearly Three Weeks After Receiving Diana's Offer, Genco Board Has Yet to Respond; By Tendering Their Shares, Shareholders Can Send a Clear Message to the Genco Board That They Should Negotiate a Transaction with Diana
ATHENS, Greece, July 08, 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 issued a final reminder to Genco shareholders to tender their shares into Diana's tender offer to acquire all outstanding shares of Genco not already owned by Diana by July 10, 2026, at 5:00 p.m., New York City time. As of Friday, June 26, 2026, 10,583,484 shares – or 28.4% of the outstanding shares of Genco not owned by Diana – have been tendered into the offer. The shares tendered do not include any of the more than 14% of the outstanding shares of Genco owned by Diana.
On June 17, 2026, Diana presented the Genco Board with an increased offer to acquire the outstanding shares of Genco that it does not already own to $27.34 per share — comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana's 30-day volume-weighted average price as of June 16, 2026. The increased offer remains on the table, but nearly three weeks later, the Genco Board has yet to respond or engage with Diana in any way.
Semiramis Paliou, Diana's Chief Executive Officer, commented:
"We are grateful to the significant group of shareholders that has tendered their shares and, in doing so, demonstrated their support for Diana's premium offer to acquire the Genco shares that we do not currently own. It is very clear that shareholders have a strong interest in the Genco Board engaging with Diana to negotiate a value-creative transaction in good faith. It has been nearly three weeks since we delivered to the Genco Board our increased offer of $27.34 per share. In the final days before our tender offer expires, we urge additional shareholders to tender their shares and send a message to the Genco Board that it should take immediate action to deliver all shareholders the value they deserve. We are fully available to meet with Genco and its advisors to move this important strategic initiative forward."