Diana Shipping extends Genco tender offer deadline to July 10

Diana Shipping Inc. (NYSE: DSX) has extended its tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited (NYSE: GNK) not already owned by Diana to July 10, 2026, at 5:00 p.m. New York City time.

As of June 26, 2026, 10,583,484 Genco shares — representing 28.4% of the outstanding shares not owned by Diana — had been tendered into the offer. Diana already owns more than 14% of Genco's outstanding shares.

Diana's offer to the Genco board stands at $27.34 per share, consisting of $24.80 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. Diana originally launched the tender offer on May 4, 2026, at $23.50 per share in cash, before raising the cash component to $24.80 per share on May 27, 2026.

The offer is backed by $1.433 billion in committed financing from six banks with no financing condition.

Semiramis Paliou, Diana's Chief Executive Officer, said: "Our leadership team remains eager and available to meet immediately with the Genco Board and its advisors to negotiate a transaction in good faith, and in the meantime we have extended the tender offer date by two weeks to provide time for additional shareholders to tender."

The offer remains subject to conditions including Genco entering into a definitive merger agreement with Diana, Genco shareholders tendering a majority of outstanding shares on a fully diluted basis, and the termination or inapplicability of Genco's shareholder rights plan, among other requirements.

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