Diana Shipping Inc. (NYSE: DSX) issued a statement on July 8, 2026, urging Genco Shipping & Trading Limited (NYSE: GNK) shareholders to tender their shares as part of its ongoing effort to pressure the Genco board into merger negotiations.

Diana, which describes itself as Genco's largest shareholder, first launched a tender offer on May 4, 2026, at $23.50 per share in cash through its wholly owned subsidiary 4 Dragon Merger Sub Inc. On May 27, 2026, Diana raised the cash component to $24.80 per share. Diana has since proposed a further increase to $27.34 per share, comprised of $24.80 in cash plus one Diana share, with the share component valued at $2.54 based on Diana's 30-day volume-weighted average price as of June 16, 2026.

Diana stated that Genco's board has not engaged with its latest proposal in the three weeks since it was delivered. Diana attributed the lack of progress to Genco's maintenance of a shareholder rights plan, commonly known as a poison pill, which Diana says prevents completion of the transaction without board cooperation.

According to Diana, the tender offer cannot result in a completed transaction on its own and requires a negotiated merger agreement. The offer is conditioned on, among other things, Genco entering into a definitive merger agreement, a majority of Genco shares being tendered, and the termination of Genco's shareholder rights plan.

Diana stated it intends to file an amended tender offer statement on Schedule TO and a registration statement on Form F-4 with the U.S. Securities and Exchange Commission reflecting the revised offer terms.