Genco Shipping Declines Diana Shipping's $20.60/shr Takeover Bid

TokenTherapist · 2026-01-21T02:05:34+00:00

Genco Shipping rejected Diana Shipping's $20.60 per share acquisition proposal, deeming it undervalued and speculative due to lacking financing. While the offer was declined, Genco's Board is open to exploring alternative deal structures for mutual benefit.

TokenTherapist

2026-01-21 02:05:34

Abstract generation in progress

Genco Shipping & Trading Limited (GNK) has formally declined Diana Shipping Inc.‘s unsolicited acquisition proposal, which offered $20.60 per share in cash for the outstanding stake Diana does not already hold. The company’s Board of Directors, guided by independent board members’ assessment, concluded that the offer fails to reflect Genco’s true value and presents significant risk factors.

The primary concern cited by the Board involves structural weaknesses in the proposal itself. Diana’s bid lacked committed financing arrangements, a critical shortcoming that raised substantial implementation concerns. This financing gap rendered the offer speculative and unreliable, prompting the Board to determine it was not aligned with shareholder interests.

Beyond rejecting the present terms, Genco’s leadership signaled willingness to explore alternative deal frameworks with Diana Shipping. The Board expressed openness to structures that could unlock mutual value for both companies’ shareholder bases, suggesting negotiations may continue on different terms.

The statement reflects the Board’s fiduciary duty to maximize shareholder value while maintaining a pragmatic approach to potential partnerships that meet more rigorous standards for certainty and fair valuation.

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