Genco Shipping & Trading Limited (NYSE: GNK) announced that its board of directors unanimously rejected Diana Shipping Inc.'s unsolicited tender offer to acquire all outstanding shares for $23.50 per share in cash.

The board determined the offer undervalues Genco's assets and business while failing to provide a control premium. The company noted Diana's offer price remains unchanged from a March 2026 proposal previously rejected by the board.

Genco filed a Schedule 14D-9 recommendation statement with the Securities and Exchange Commission advising shareholders not to tender their shares. The board cited several reasons for rejection, including that the offer price falls below current analyst net asset value estimates with a mean of $26.54 and median of $26.80.

Financial advisors Jefferies and Morgan Stanley rendered written opinions on May 13, 2026, stating the consideration was inadequate from a financial standpoint for Genco shareholders, excluding Diana and its affiliates.

Genco operates a fleet of 43 dry cargo vessels with approximately 4.935 million deadweight tons capacity, focusing on transporting commodities including iron ore, coal, grain and steel products globally. The company describes itself as the largest U.S.-headquartered drybulk shipowner.

Diana's tender offer represents part of broader takeover attempts that include rapid share acquisition, director nominations and multiple acquisition proposals, according to Genco's statement.

The board recommended shareholders vote using Genco's white proxy card for the company's director nominees at the 2026 annual meeting. Jefferies LLC serves as financial advisor while Herbert Smith Freehills Kramer and Sidley Austin LLP provide legal counsel.