Diana Shipping is proceeding with a tender offer to acquire 100% of the outstanding shares of Genco Shipping & Trading at a price of 23.5 dollars per share in cash.
The company is addressing Genco’s shareholders directly following a five-month period during which Genco’s Board of Directors declined to engage in substantive discussions regarding the fully financed acquisition proposal, thereby depriving shareholders of the opportunity to realize and properly assess the value of their investment, Diana noted in its statement.
The 23.5 dollar per share offer represents a 31% premium to the closing price on November 21, 2025, and approximately 1.0x NAV, based on fleet valuations published by Genco for the fourth quarter of 2025. Historically, Genco’s shares have traded at an average discount of 30% to NAV since 2020. Diana’s proposal eliminates this discount in cash and invites Genco shareholders to tender their shares.
Genco’s Board rejected both proposals without entering into negotiations, a stance which, according to Diana, is aimed at preserving management positions and compensation at the expense of shareholders.
Diana Shipping’s Chief Executive Officer, Semiramis Paliou, stated: “We have spent five months seeking to engage with the Genco Board on a transaction that would deliver certain, premium value to Genco shareholders at cyclically high asset values. The Genco Board has refused every attempt — not a single meeting, not a single phone call — and has not responded to the merger agreement we delivered. We are now taking our offer directly to the people it is designed to benefit: Genco shareholders. The Offer is fully financed, there is no execution risk, and there is no financing condition. We urge Genco shareholders to tender their shares and take an important step toward realizing the value they deserve.”
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