Diana Shipping Says Genco Valuation Could Drop if Takeover Offer is Withdrawn

MT Newswires Live05-18 20:27

Diana Shipping (DSX) said Monday that Genco Shipping & Trading (GNK) shares could fall significantly if its $23.50-per-share acquisition offer is withdrawn, arguing that the stock is currently supported by takeover expectations.

Genco shares could drop to about $17.50 if the bid fails, while Diana Shipping stated that it has sold part of its stake at higher levels but remains a significant shareholder.

Diana Shipping also urged Genco shareholders to support its six independent director nominees, saying board changes are needed to properly evaluate value-maximizing options, including its all-cash offer.

Shares of Diana Shipping were down 1.9% while those of Genco were down 0.8% in recent Monday premarket activity.

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