Diana Shipping lets tender offer expire in Genco acquisition bid

Diana Shipping Inc. (NYSE: DSX) announced that its tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited (NYSE: GNK) not already owned by Diana expired on July 24, 2026, and that Diana has decided not to extend or reinstate the offer.

According to a statement from the Athens-based company, Diana's $27.34 per share offer — comprised 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 — remains on the table as a direct proposal to the Genco board.

Diana, which describes itself as Genco's largest shareholder, disputed claims made in a Genco press release dated July 23, 2026, which stated that Genco's advisors had "engaged with Diana's advisors on multiple occasions in recent weeks to discuss the price, terms and structure of Diana's proposal." Diana said there were only two calls between advisors: one on July 15, in which Genco sought information already publicly disclosed, and one on July 21, in which Genco's advisor stated it could not provide feedback or a counterproposal.

"There has been no substantive engagement by Genco with Diana in more than five weeks since we made our increased offer on June 17, 2026," Diana said in the statement.

As of the offer's expiration, 11,778,419 shares of Genco common stock, representing 31.6% of outstanding shares not owned by Diana, had been tendered and not withdrawn. Diana noted that a system error at a depositary agency may have affected the final tally. All tendered shares are to be returned to shareholders.

Diana's offer, when made on June 17, represented a 53% premium to Genco's closing price on November 21, 2025, the last trading day before Diana's initial proposal, and a 16% premium to Genco's closing price of $23.51 on June 16, 2026. Diana also noted that Genco's fleet value has declined approximately 3.4%, or $51 million, since vessel values peaked on June 3, 2026.

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