Genco Shipping & Trading’s board is reviewing a revised, non-binding acquisition proposal from Diana Shipping Inc. The offer includes $24.80 in cash for every Genco share held. Diana also offers one of its own shares for each Genco share. Genco’s board and advisors are currently discussing the deal’s structure and terms with Diana.
Directors are assessing if the proposal reflects Genco’s asset value and provides a sufficient control premium. The board expressed specific concerns regarding the valuation of Diana’s stock and potential shareholder dilution. Future dividends will reduce the $24.80 cash component. This reduction includes the projected Q2 2026 dividend payout.
Separately, the board maintains its recommendation that shareholders reject Diana’s existing $24.80 all-cash tender offer.