AcquisitionsJun 29, 2026, 09:47 AM
Diana Shipping Extends Genco Tender Offer to July 10; 28.4% Tendered
AI Summary
Diana Shipping Inc. has extended its tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited not already owned by Diana until July 10, 2026. As of June 26, 2026, 10,583,484 Genco shares, representing 28.4% of the outstanding shares not owned by Diana, have been validly tendered. Diana's revised offer of $27.34 per share, consisting of $24.80 in cash and one Diana share valued at $2.54, remains on the table, which Diana views as a significant show of support for a value-creating transaction.
Key Highlights
- Diana Shipping extended its tender offer for Genco shares to July 10, 2026.
- As of June 26, 2026, 10,583,484 Genco shares (28.4% of non-Diana owned shares) were tendered.
- Diana's revised offer is $27.34 per share, comprising $24.80 cash and one Diana share.
- The Diana share component is valued at $2.54 based on its 30-day VWAP as of June 16, 2026.
- Diana Shipping Inc. beneficially owns 6,264,548 Genco shares, representing 14.4% of the class.
- The offer represents a 53% premium to Genco's undisturbed share price.
- The offer represents a 6% premium to Genco's net asset value per share.
Price Impact
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