Corporate GovernanceMay 7, 2026, 08:26 PM
Genco Shipping urges shareholders to vote FOR its Board against Diana's takeover bid
AI Summary
Genco Shipping & Trading Limited issued a statement urging shareholders to vote "FOR" its highly qualified Board of Directors on the WHITE proxy card, rejecting what it calls Diana's unsubstantiated falsehoods and misleading statements. Genco asserts that Diana is attempting to take control of the company at a discount to its asset value, without paying a control premium and below the current trading price. The company emphasizes its commitment to corporate governance and acting in shareholders' best interests, providing resources for voting assistance.
Key Highlights
- Genco Shipping urges shareholders to vote "FOR" its Board of Directors on the WHITE proxy card.
- Company accuses Diana of attempting to take control at a discount to Genco's asset value.
- Diana's latest disclosure is labeled as "unsubstantiated falsehoods and misleading statements."
- Genco's Board is committed to high corporate governance standards and shareholders' best interests.
- Jefferies LLC is acting as financial advisor to Genco.
- Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco.
- Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors.
- Shareholder resources for the 2026 Annual Meeting are available at www.GencoDrivesSuperiorReturns.com.