Diana Shipping Inc. extended its tender offer for Genco Shipping & Trading Ltd. to 5:00 p.m. New York City time on July 10, 2026. The previous deadline expired on June 26, 2026. Shareholders have already tendered approximately 10.6 million shares. This volume represents 28.4% of the Genco shares not currently owned by Diana.
Diana’s latest proposal offers an implied value of $27.34 per share. This package consists of $24.80 in cash and one Diana share. The currently active tender offer remains at $24.80 in cash.
Genco’s board advised shareholders against the active $24.80 cash offer. Directors characterized the bid as inadequate and an attempt to confuse shareholders. The extension provides additional time for shareholders to tender shares while potential negotiations continue.