Corporate GovernanceApr 13, 2026, 10:39 AM
Diana Shipping Seeks 6 Genco Board Seats After $23.50/Share Offer Rejection
AI Summary
Diana Shipping Inc., Genco's largest shareholder, has launched a proxy fight to elect six independent directors to Genco's Board. This action follows Genco's five-month refusal to engage on Diana's fully financed, all-cash offer of $23.50 per share. Diana accuses Genco's board of entrenchment tactics, including a poison pill and delaying the annual meeting, to protect their roles and compensation at the expense of shareholders.
Key Highlights
- Diana Shipping owns approximately 14.8% of Genco shares.
- Diana made an all-cash offer of $23.50 per share for Genco.
- Genco's board refused to engage on the offer for five months.
- Diana nominated six independent directors for Genco's board.