Diana Shipping launches tender offer to acquire Genco for $23.50 per share

Diana Shipping (DSX), which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping (GNK), announced that it has commenced a tender offer through its wholly-owned subsidiary, 4 Dragon Merger Sub, to purchase all outstanding shares of Genco common stock at $23.50 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on June 2, unless extended. The company said, “The Offer is being made directly to Genco shareholders after the Genco Board of Directors’ five-month refusal to engage on Diana’s fully financed, all-cash proposals to acquire Genco. Diana submitted its initial proposal of $20.60 per share on November 24, 2025, and increased it to $23.50 per share on March 6, 2026. The Genco Board rejected both proposals without any engagement – a pattern of entrenchment designed to protect the Board and management’s roles and pay packages at the expense of shareholders.” The offer is not subject to any financing condition. Diana has obtained $1.43B in fully committed financing arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. Diana has also entered into a definitive agreement with Star Bulk Carriers Corp. (SBLK) to sell 16 of Genco’s vessels for $470.5M in cash upon completion of the acquisition. Separately, Diana has nominated six independent director nominees – Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes – for election to the Genco board at the 2026 annual meeting of shareholders.