Diana Shipping Ups Genco Offer to $27.34/Share
Diana Shipping Inc. reaffirmed its commitment to acquire Genco Shipping & Trading Limited, increasing its offer to an implied value of $27.34 per Genco share. The revised offer consists of $24.80 in cash and one Diana share valued at $2.54, representing a 53% premium to Genco's undisturbed share price and a 6% premium to its net asset value. Diana, Genco's largest shareholder, urged Genco's board to engage in good faith, noting previous rejections without meaningful discussion or counterproposals.
Key Highlights
- Diana Shipping reaffirmed its commitment to acquire Genco Shipping & Trading Limited.
- Revised offer: $27.34 per Genco share, up from previous offers.
- Offer comprises $24.80 cash and one Diana share valued at $2.54.
- Represents a 53% premium to Genco's undisturbed share price.
- Represents a 6% premium to Genco's net asset value per share.
- Diana is Genco's largest shareholder.
- Genco's board has rejected Diana's offer three times without engagement.
Price Impact
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