Diana Shipping Raises Bid for Genco Once Again

Dow Jones06-17 19:50

By Dean Seal

Diana Shipping raised its bid for Genco Shipping & Trading again after the latter company's board unanimously rejected Diana's latest offer earlier this month.

Diana said Wednesday that it would buy the rival dry-bulk shipping company's shares for $27.34 apiece, comprised of $24.80 in cash and one share of Diana, which it values at $2.54, based on the stock's volume-weighted average price for the past 30 days.

The companies have been going back and forth on a potential transaction since last year, when Diana offered to buy Genco at $20.60 a share. It raised the bid to $23.50 a share in March and then again to $24.80 in May.

Genco has repeatedly spurned Diana's advances, saying its bids undervalue the company and its assets.

In connection with its latest offer, Diana is formally requesting that Genco delay its annual meeting, set for Thursday, to give shareholders and board members enough time to evaluate the bid.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

June 17, 2026 07:50 ET (11:50 GMT)

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

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