Diana Shipping Urges Genco Shareholders to Back Director Nominees Amid Takeover Pursuit

MT Newswires Live05-20

Diana Shipping (DSX) urged Genco Shipping & Trading (GNK) shareholders to vote in favor of its six independent director nominees at Genco's annual meeting after several rejected takeover offers, the company said Tuesday.

Diana Shipping, the largest shareholder of Genco, has sought to acquire the dry bulk shipping company since November. Its latest cash tender offer of $23.50 per share was turned down this month.

The company has now nominated six independent director candidates, who are not affiliated with Diana, for election at Genco's annual meeting scheduled for June 18.

Shares of Diana and Genco rose more than 3% and 1%, respectively, in recent after-hours trading.

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