Diana Shipping pushes Genco shareholders to tender by July 10

Diana Shipping Inc. (NYSE: DSX) issued a reminder to Genco Shipping & Trading Limited (NYSE: GNK) shareholders to tender their shares into Diana's acquisition offer before the July 10, 2026, deadline of 5:00 p.m. New York City time.

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

On June 17, 2026, Diana raised its offer to $27.34 per Genco share, structured as $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 states that the Genco board has not responded to the offer in the nearly three weeks since it was submitted.

Diana CEO Semiramis Paliou said: "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."

Diana's offer is backed by $1.412 billion in committed financing from six banks and carries no financing condition. Diana describes the offer as representing a 53% premium to Genco's undisturbed share price and a 6% premium to Genco's net asset value per share based on VesselsValue data.

The tender offer was originally launched on May 4, 2026, at $23.50 per share in cash and was increased to $24.80 per share in cash on May 27, 2026, before the additional share component was added. Completion of the offer remains subject to conditions including Genco entering into a definitive merger agreement and a majority of Genco shares being tendered.

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