Genco Shipping to review Diana's $23.50 per share tender offer

Genco Shipping & Trading Limited (NYSE: GNK) confirmed that Diana Shipping Inc. (NYSE: DSX) has commenced an unsolicited tender offer to acquire all outstanding shares of Genco for $23.50 per share in cash.

The offer price remains unchanged from Diana's March 6, 2026 proposal, which Genco's board unanimously rejected after determining it substantially undervalued the company. The board concluded the proposal was below the market value of Genco's shipping assets and failed to provide an appropriate premium for control.

Genco's mean sell-side analyst net asset value estimate is currently $25.80, with a median estimate of $26.50, according to calculations based on estimates from SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto.

The tender offer is under consideration by Genco's board, which will issue formal recommendations to shareholders within 10 business days through a Schedule 14D-9 filing with the Securities and Exchange Commission. Genco advised shareholders not to take any action regarding the tender offer at this time.

Genco operates as a drybulk ship owning company focused on global commodity transportation. The company's fleet consists of 43 vessels with an average age of 12.5 years and aggregate capacity of approximately 4,934,000 deadweight tons.

Jefferies LLC serves as financial advisor to Genco, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP act as legal counsel. Morgan Stanley & Co. LLC is serving as special advisor to the board of directors.

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