DealsAug 10, 2026, 07:01 PM
Star Bulk, Diana Terminate Vessel Acquisition Agreement
AI Summary
Star Bulk Carriers Corp. and Diana Shipping Inc. announced the mutual termination of their agreement for Star Bulk to acquire 16 Genco vessels, following Star Bulk's request. This agreement was contingent on Diana's proposed acquisition of Genco Shipping & Trading Limited. Diana's offer to acquire Genco, valued at $24.80 per share cash plus one Diana share, remains on the table and is fully financed with $1.411 billion in committed financing. Both companies expressed frustration with Genco's board for not engaging with Diana's offer.
Key Highlights
- Star Bulk and Diana mutually terminated their agreement for Star Bulk to acquire 16 Genco vessels.
- Diana's offer to acquire all outstanding Genco shares remains on the table.
- The offer is $24.80 per Genco share in cash (adjusted for $0.80 dividend).
- The offer also includes one Diana share valued at $2.54.
- Diana's $1.411 billion committed financing for the Genco transaction is unaffected.
- Genco's Board has not provided a substantive response to Diana's offer for nearly eight weeks.
Price Impact
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