Diana Shipping (NYSE: DSX) extended its tender offer for Genco Shipping & Trading Ltd. (NYSE: GNK) to July 24, 2026. The deadline is set for 5:00 p.m. NYC time. As of July 10, investors tendered 11.08 million shares. This represents 29.7% of Genco shares not already owned by Diana.
Diana currently owns more than 14% of Genco. The proposal carries an implied value of $27.34 per share. This offer consists of $24.80 in cash plus one Diana share. Genco’s board unanimously rejected the formal $24.80 cash tender. Directors advised shareholders against the move, stating the offer undervalues the company.
Six international banks provided $1.412 billion in committed financing for the acquisition. The offer is not subject to a financing condition. Completion requires Genco to enter a definitive merger agreement. A majority of outstanding shares must be tendered for the deal to proceed.