Genco Shipping & Trading Limited has urged its shareholders not to tender into Diana Shipping's extended $24.80 per share cash tender offer, calling it inadequate and below the company's net asset value. The Genco board unanimously rejected the offer, noting it remains meaningfully undervalued and lacks a control premium. Genco also highlighted that Diana has not updated its tender offer materials to match the terms of a separate indicative, non-binding proposal made to the Genco board. The company estimates its dividend formula would produce a total dividend of $2.50 per share in 2026, based on the forward freight rate curve for the balance of the year. Genco's board is continuing to review Diana's separate indicative, non-binding proposal while recommending shareholders protect their investment by not tendering.
Genco Shipping & Trading LtdGenco's board rejects Diana's inadequate tender offer, citing undervaluation and recommending shareholders not tender.
Diana Shipping Inc.