Diana Shipping extended its tender offer to acquire Genco Shipping to July 24, 2026. As of July 10, 11.1 million shares (29.7% of outstanding shares not owned by Diana) have been tendered. Diana's offer of $27.34 per share ($24.80 cash plus one Diana share) remains on the table, representing a 53% premium to Genco's undisturbed share price. Diana has secured $1.412 billion in committed financing but states the transaction cannot proceed through tender offer alone and requires good faith negotiations between both leadership teams.

Genco's Board rejected Diana Shipping's extended $24.80 per share cash tender offer, calling it inadequate and below the company's net asset value with no control premium. Genco shareholders overwhelmingly re-elected all board directors and the company projects a Q2 2026 dividend of $0.70 per share (367% year-over-year increase) based on current freight rates. The Board is reviewing Diana's non-binding June 17 proposal but will not amend its recommendation until Diana files an amended tender offer at a higher price.

Diana Shipping increased its acquisition offer for Genco Shipping to $27.34 per share ($24.80 cash plus one Diana share valued at $2.54), representing a 53% premium to Genco's undisturbed share price. Despite the increased offer, the Genco Board has rejected Diana's proposal three times without meaningful engagement or counterproposal. Diana, as Genco's largest shareholder, urges the Board to engage in good faith negotiations.

Genco Shipping shareholders voted overwhelmingly to re-elect all six board directors with nearly 90% support, reflecting confidence in the company's Comprehensive Value Strategy. The board is reviewing a revised non-binding proposal from Diana Shipping Inc. while remaining committed to maximizing shareholder value.

Diana Shipping increased its takeover bid for Genco Shipping to $27.34 per share (consisting of $24.80 cash plus one Diana share), representing a 53% premium to Genco's November 2025 price. Despite the sweetened offer backed by $1.43 billion in committed bank financing, Diana shares fell 3.25% while Genco rose 0.51%, reflecting investor caution ahead of Genco's June 18 shareholder meeting. Genco's board continues to reject the unsolicited bid, arguing it undervalues the company.

Genco Shipping announced it will proceed with its Annual Meeting on June 18, 2026 as scheduled, despite Diana Shipping's revised unsolicited takeover proposal announced just 24 hours prior. The Genco Board stated it will carefully review Diana's proposal while urging shareholders to vote for Genco's directors and against Diana's nominees, emphasizing that the board is best positioned to maximize shareholder value.

Diana Shipping Inc. has increased its acquisition offer for Genco Shipping & Trading to $27.34 per share, comprised of $24.80 in cash and one Diana share valued at $2.54. The revised offer represents a 53% premium to Genco's undisturbed share price and a 6% premium to NAV. Diana has requested that Genco delay its annual meeting scheduled for June 18, 2026, to allow proper evaluation of the increased offer. The cash component remains fully financed with $1.433 billion in committed financing from six international banks.

Genco Shipping released a video and statement opposing Diana Shipping's $24.80 per share tender offer, arguing it undervalues the company and lacks an appropriate control premium. Genco's Board maintains the offer is below third-party NAV estimates of $26.66-$27.10 and encourages shareholders to vote for the company's nominees on the WHITE proxy card while rejecting Diana's inadequate bid.

Genco Shipping & Trading Limited released a video and statement opposing Diana Shipping's $24.80 per share acquisition offer, arguing it undervalues the company at below net asset value and lacks an appropriate control premium. Genco's Board recommends shareholders vote for its nominees on the WHITE proxy card and reject Diana's tender offer, citing the strength of the drybulk market and the company's ability to deliver superior returns through its Comprehensive Value Strategy.

Diana Shipping Inc. criticizes Genco Shipping & Trading for shifting valuation methodologies to avoid engaging with its $24.80 per share all-cash acquisition offer. Diana argues it has consistently offered approximately 1.0x NAV based on broker valuations Genco itself used for five years, while Genco has now adopted new valuation methods and demands a control premium. Diana calls on Genco to agree to an independent valuation process and remove its poison pill to allow shareholders to decide on the offer.

Diana Shipping criticizes Genco Shipping's board for repeatedly shifting valuation methodologies to avoid engagement with its $24.80 per share all-cash acquisition offer. Diana argues its offer represents approximately 1.0x NAV using consistent broker valuations, while Genco's new methodology inflates valuations. Diana calls for independent valuation process, full NAV transparency, and removal of Genco's poison pill to allow shareholders to decide.

Diana Shipping Inc. criticized Genco Shipping & Trading's board for rejecting its $24.80 per share all-cash tender offer for the third time without meaningful engagement. Diana argues Genco's board has abandoned independent broker valuations it previously relied on for five years in favor of higher sell-side analyst estimates to justify rejections. Diana is calling on shareholders to elect six independent directors at the June 18 annual meeting and urges them to tender shares by June 26, 2026.