Strong shareholder support appears to be emerging for Diana Shipping’s bid to acquire Genco Shipping & Trading, as the company controlled by chief executive Semiramis Paliou continues its efforts to pursue a transaction despite recent setbacks.
Diana Shipping has so far failed to secure the election of its proposed director nominees to Genco’s board and was also unsuccessful in its attempt to remove the company’s shareholder rights plan, or “poison pill”, which prevents any shareholder from holding more than a 15% stake without board approval.
The New York-listed dry bulk shipowner currently owns approximately 14.8% of Genco’s outstanding shares and has been urging Genco’s board to engage in substantive discussions aimed at reaching a negotiated agreement.
As part of that effort, Diana announced that it has extended its tender offer to acquire all outstanding Genco shares not already owned by the company until July 10, 2026.
According to Diana, a total of 10,583,484 Genco shares, representing approximately 28.4% of the company’s outstanding shares, had been tendered into the offer as of June 26, 2026. The figure excludes Diana’s existing stake of more than 14% in Genco, making it the company’s largest shareholder.
Diana’s revised proposal to Genco’s board remains unchanged and values Genco at 27.34 dollars per share. The offer consists of 24.80 dollars per share in cash and one Diana Shipping share valued at 2.54 dollars, based on the company’s 30-day volume-weighted average share price through June 16, 2026.
“Our commitment to acquiring Genco shares remains steadfast, and we thank shareholders who have responded to our tender offer,” Paliou said in a statement.
“This significant level of support sends a clear message that shareholders have a meaningful interest in negotiating a value-creating transaction between Genco and Diana. Our management team remains ready to meet immediately with Genco’s board and its advisers to negotiate a transaction in good faith. We have also decided to extend the tender offer by two weeks to provide additional shareholders with an opportunity to tender their shares,” she added.
Για να εμφανίζονται περισσότερα άρθρα της Ναυτεμπορικής στις αναζητήσεις σας εύκολα και γρήγορα, πρέπει να προσθέσετε το site στις προτιμώμενες πηγές σας. Μπορείτε να το κάνετε πηγαίνοντας εδώ.
