Diana Shipping and Star Bulk Carriers mutually terminated an agreement for Star Bulk to acquire 16 Genco Shipping & Trading vessels. Star Bulk requested the cancellation because Genco’s board refused to negotiate a takeover.
The vessel sale was originally contingent on Diana Shipping successfully acquiring Genco. Diana Shipping confirmed its unsolicited offer to purchase all outstanding Genco shares remains active.
The company maintains $1.411 billion in committed financing for the Genco acquisition. Diana Shipping’s CEO stated that canceling the vessel sale addresses previous concerns raised by Genco’s board regarding the proposal.