Genco Urges Shareholders to Reject Unsolicited Tender Offer from Diana Shipping

Dow Jones05-15

By Kelly Cloonan

Genco Shipping & Trading urged its shareholders not to tender any of their shares to an unsolicited tender offer from rival dry-bulk shipping company Diana Shipping.

Genco said Friday its board has determined that Diana's bid, which offered to acquire outstanding shares of Genco for $23.50 a share in cash, "meaningfully undervalues" its assets and business, and doesn't provide a control premium.

Diana, which already has a 14.8% stake in Genco, has been seeking to acquire Genco for months. Genco in March rejected a revised acquisition offer from Diana to buy the company for $23.50 a share, and Diana has nominated candidates to fill Genco's board.

Diana's tender offer, which it launched earlier this month, aims to circumvent Genco's board, who Diana said has stonewalled any talks of a deal.

Genco again urged shareholders to oppose Diana's nominations to its board, who it said are tied to Diana and could take actions that aren't in the best interest of its shareholders.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

May 15, 2026 07:10 ET (11:10 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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