Diana Shipping extends Genco tender offer deadline to July 24

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, setting a new deadline of July 24, 2026, at 5:00 p.m. New York City time.

As of July 10, 2026, 11,081,926 Genco shares — representing 29.7% 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 most recent proposal to the Genco board remains at $27.34 per share, comprised of $24.80 in cash and one Diana share valued at $2.54, based on Diana's 30-day volume-weighted average price as of June 16, 2026. The offer is backed by $1.412 billion in committed financing from six banks with no financing condition.

Diana originally launched the tender offer on May 4, 2026, at $23.50 per share in cash, before raising it to $24.80 per share in cash on May 27, 2026, and subsequently proposing the current mixed cash-and-stock structure directly to the Genco board.

Diana Chief Executive Officer Semiramis Paliou said: "We are pleased that additional shareholders have tendered their shares, but this transaction cannot move forward through a tender offer alone. To unlock the compelling value of this combination, both of our leadership teams and advisors must come together to negotiate in good faith, with a shared commitment to delivering full value for Genco shares at a high point in the shipping cycle."

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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