Diana Shipping Inc. (NYSE: DSX) increased its cash offer for Genco Shipping & Trading Limited (NYSE: GNK) to $24.80 per share, marking the third proposal in its acquisition attempt. The company sent a letter to Genco shareholders urging them to elect six independent director nominees at Genco's annual meeting scheduled for June 18, 2026.

Diana, which owns 6,264,548 shares representing approximately 14.4% of Genco's outstanding stock, extended its tender offer expiration to June 26, 2026. The company stated its offer represents a 39% premium to Genco's undisturbed share price and approximately 1.0x Genco's net asset value at current asset valuations.

"The Genco Board has spent more than $13 million of shareholder money trying to convince shareholders that the directors currently governing Genco are responsible stewards," said Semiramis Paliou, Diana's Chief Executive Officer. "We have now increased our offer to $24.80 per share — our third proposal — and still the Board has not engaged to date."

Diana nominated six director candidates: Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes. The nominees include former executives from shipping companies Western Bulk, Quintana Maritime, and Wah Kwong Marine Transport.

The tender offer remains conditional on several factors, including Genco entering into a definitive merger agreement, shareholders tendering a majority of outstanding shares, termination of Genco's shareholder rights plan, and board approval under affiliate transaction provisions.

Genco's current board is led by Chairman and CEO John Wobensmith, who has served as CEO since 2017 and added the Chairman role in August 2025. Diana noted that Genco's board has hired seven advisors to respond to the acquisition proposal.