finance
Diana Shipping Increases Bid for Genco Shipping to $27.34 Per Share
Diana Shipping raised its all-cash and stock offer for the shares of Genco Shipping it does not already own. The new bid values each Genco share at $27.34 and includes a request to postpone Genco's annual meeting.
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Diana Shipping Inc. increased its offer to buy the remaining shares of Genco Shipping & Trading Limited to an implied value of $27.34 per share. The revised bid consists of $24.80 in cash plus one share of Diana stock valued at $2.54, based on Diana's 30-day volume-weighted average price through June 16, 2026.
It represents a 16% premium to Genco's June 16 closing price and a 53% premium to the price before Diana's first proposal in November 2025.
Diana said the cash portion is backed by $1.433 billion in committed financing from six international banks with no financing condition. The company also noted the offer provides a 6% premium to Genco's net asset value based on independent vessel valuations.
Diana requested that Genco postpone its annual meeting scheduled for June 18 so the board and shareholders can review the higher bid. The company stated it has made four proposals since November 2025, with the prior three rejected without discussion.
Paliou added that executives plan to maintain their ownership stakes in Diana through open-market purchases after the transaction closes. Diana is already Genco's largest shareholder.
