Diana Shipping aims to gain full control of Genco Shipping & Trading Limited, through a takeover of the company’s shares.
The Greek-owned company listed on the New York Stock Exchange gradually acquired 14.8% of Genco, also listed in the US, and is now returning with an official offer to acquire the remaining shares, for 20.6 dollars per share. This translates to approximately 762 million dollars for 85% of Genco’s shares, 23% above the weighted average share price of the last 90 days.
As stated by Diana’s CEO, Semiramis Paliou, “our proposal represents an excellent opportunity for Genco shareholders to realize immediate value for their shares, at a premium to the company’s historical trading price.
As Diana’s largest shareholder, I am confident that the addition of Genco’s fleet, combined with our operational platform, will enhance the scale and flexibility of our fleet and increase our operational leverage in the dry bulk market at what we consider to be a particularly favorable time in the cycle.
We intend to finance the transaction through a new financing facility and plan selective vessel sales following the completion of the transaction to optimize both our fleet and balance sheet,” she noted, adding: “We highly value the talent and contributions of Genco’s employees. We expect the combined company to select the best executives from both organizations.”
Genco has a fleet of 43 ships and a capitalization of 825 million dollars.
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