Diana Shipping has submitted an enhanced takeover proposal for Genco Shipping & Trading, valuing the U.S.-listed dry bulk owner at 27.34 dollars per share and urging Genco to postpone its annual shareholder meeting scheduled for June 18 to allow investors time to assess the revised offer.
According to Diana, the new proposal covers all Genco shares it does not already own and consists of 24.80 dollars in cash plus one Diana share, valued at 2.54 dollars based on Diana’s 30-day volume-weighted average share price through June 16.
The revised offer values Genco at 27.34 dollars per share, representing a 53% premium to Genco’s closing share price on Nov. 21, 2025, before Diana’s initial approach, a 16% premium to the June 16, 2026 closing price, and a 6% premium to net asset value (NAV) per share, Diana said.
Diana argued that the proposal provides Genco shareholders with immediate liquidity while allowing them to participate in the potential upside of a larger and stronger combined dry bulk company through ownership of Diana shares. The company added that the cash component of the offer is fully committed and backed by 1.433 billion dollars in financing from six international banks.
At the same time, Diana called on Genco to postpone its annual general meeting, saying the enhanced proposal materially changes the circumstances and warrants additional time for both shareholders and the board to evaluate the offer.
Chief Executive Semiramis Paliou said Diana has submitted four progressively improved proposals since November 2025, with the first three having been rejected without meaningful engagement from Genco.
Paliou said a combination of Diana and Genco would create one of the world’s largest and most flexible dry bulk shipping platforms, benefiting from greater fleet scale, enhanced operating leverage and a stronger investment profile.
Diana is currently Genco’s largest shareholder, holding 6.26 million shares, representing approximately 14.4% of the company’s outstanding share capital.
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