Corporate GovernanceJun 8, 2026, 02:09 PM
Genco Urges Shareholders to Reject Diana's Hostile Takeover Bid
AI Summary
Genco Shipping & Trading Limited issued a statement in response to Diana Shipping Inc.'s decision to withdraw four director nominees, calling it a desperate attempt to gain influence and acquire Genco cheaply. Genco highlighted that all three independent proxy advisory firms (ISS, Glass Lewis, Egan-Jones) recommended shareholders vote for Genco's nominees and against Diana's. Genco urged shareholders to vote for its highly qualified directors on the WHITE proxy card, reject Diana's nominees and proposals, and vote for the continuation of its shareholder rights plan to protect against a creeping takeover.
Key Highlights
- Diana Shipping withdrew four director nominees, now focusing on two for Genco's Board.
- Three independent proxy advisory firms recommended voting FOR all of Genco's director nominees.
- Genco urges shareholders to vote FOR its six highly qualified directors on the WHITE proxy card.
- Genco recommends shareholders WITHHOLD on Diana's nominees and vote AGAINST Diana's proposals.
- Genco advises rejecting Diana's inadequate tender offer of $24.80 per share.
- Genco strongly recommends voting FOR the continuation of its shareholder rights plan.
- Genco criticizes Diana's nominees, Jens Ismar and Paul Cornell, as unfit to serve on its Board.
Price Impact
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