AcquisitionsMay 7, 2026, 05:27 PM
Diana Shipping launches proxy contest for Genco Board; $23.50/share offer
AI Summary
Diana Shipping Inc. has filed an amendment to its tender offer statement and a definitive proxy statement, launching a proxy contest to elect six independent director nominees to Genco Shipping & Trading Limited's Board at the June 18, 2026 Annual Meeting. Diana, which owns 14.7% of Genco, is making an all-cash tender offer of $23.50 per share for Genco, representing a 31% premium to Genco's undisturbed share price. Diana claims Genco's Board has refused to engage on the fully financed proposal and urges shareholders to vote for its nominees.
Key Highlights
- Diana Shipping launched a proxy contest to elect six independent directors to Genco's Board.
- Diana Shipping made an all-cash tender offer to acquire Genco at $23.50 per share.
- The offer represents a 31% premium to Genco's undisturbed share price on November 21, 2025.
- Diana Shipping owns approximately 14.7% of Genco's outstanding common stock.
- The offer is fully financed with $1.433 billion from six global banks.
- The $23.50/share offer is approximately 1.0x NAV based on Genco's Q4 2025 presentation.
- Genco's Annual Meeting of Shareholders is scheduled for June 18, 2026.