Diana Shipping has increased its offer to acquire all outstanding shares of Genco Shipping & Trading to a total implied value of $27.34 per share. The revised bid comprises $24.80 per share in cash plus one Diana share valued at $2.54, and the cash component remains fully financed with $1.433 billion in committed financing from six leading international banks with no financing condition. Genco had earlier this month rejected Diana's previous unsolicited tender offer of $24.80 per share in cash, saying it undervalued the company. Diana has formally requested that Genco delay its annual meeting scheduled for June 18, 2026, to allow shareholders time to evaluate the increased offer. Genco shares surged nearly 8% in pre-market trading, while Diana shares rose nearly 2%.
Genco Shipping & Trading LtdDiana Shipping raised its takeover offer to $27.34 per share, a premium over the previous bid, and Genco shares surged nearly 8%.
Diana Shipping Inc.