Genco board rejects Diana Shipping's extended $24.80 tender offer

Genco Shipping & Trading Limited (NYSE: GNK) stated that its board of directors has unanimously rejected an extended tender offer from Diana Shipping Inc. to acquire all outstanding Genco common shares not already owned by Diana at $24.80 per share in cash.

According to a statement based on the press release, Genco's board determined the offer undervalues the company and its assets, falls below Genco's net asset value, and includes no control premium. The board has recommended shareholders not tender their shares.

Genco noted that Diana has not updated its tender offer materials to reflect the terms of a separate indicative, non-binding proposal Diana submitted to the Genco board. The company said the tender offer price is lower than the price referenced in that separate proposal.

Genco's board said it is continuing to review Diana's indicative, non-binding proposal in accordance with its fiduciary duties. Shareholders who have already tendered their shares retain the right to withdraw them at any time before the tender offer expires.

Genco projected a total dividend of $2.50 per share for 2026, based on fixtures to date and the forward freight agreement curve for the remainder of the year.

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

Genco operates a fleet of 43 dry cargo vessels with an aggregate capacity of approximately 4,935,000 deadweight tons.

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