Genco Shipping & Trading Limited (NYSE: GNK) announced its board of directors unanimously rejected Diana Shipping Inc.'s revised unsolicited tender offer of $24.80 per share in cash for all outstanding common shares not already owned by Diana.

The board stated the offer undervalues the company's assets and fails to provide a control premium. Genco received opinions from Jefferies and Morgan Stanley that the consideration was inadequate from a financial point of view to shareholders other than Diana and its affiliates.

The rejection comes as Diana's offer falls below analyst net asset value estimates. Genco cited a mean analyst NAV estimate of $26.66 and median estimate of $27.10, based on assessments from SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto as of June 1, 2026.

Genco's board recommended shareholders not tender their shares into the revised offer. The company stated Diana has engaged in a pattern of attempting to take control without paying full value, including an ongoing proxy contest to replace the entire board.

The drybulk shipping company indicated willingness to meet with Diana if they submit an offer that adequately compensates shareholders for the full underlying value of assets and provides an appropriate control premium reflecting the value of Genco's platform.

Genco operates 43 vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 deadweight tons. The company describes itself as the largest U.S. headquartered drybulk shipowner focused on global commodity transportation.

The board urged shareholders to vote for the reelection of Genco's six directors on the white proxy card and against Diana's nominees and shareholder proposals.