Genco Shipping & Trading Ltd. announced the expiration of a tender offer from rival Diana Shipping. The company remains in discussions regarding a separate, non-binding proposal to acquire all outstanding Genco shares.
Diana’s proposal offers $24.80 in cash and one Diana share for each Genco share. Genco’s board stated the offer undervalues the company and presents significant financial risks.
Concerns include the fluctuating value of Diana’s stock and a plan to sell 16 Genco vessels. While Genco reports ongoing advisor engagement, Diana claims no substantive discussions have occurred in over five weeks.