Alliance Global analyst C. K. Poe Fratt reiterated a Buy rating and $22.50 per share price target on Genco Shipping (GNK) after Diana Shipping (DSX) proposed to acquire the remaining Genco shares it doesn’t own for $20.60 per share in cash. The firm said the cash buyout offer “looks interesting,” adding that the offer should be attractive to Genco shareholders since it is a cash offer that gives them immediate liquidity at an attractive stock price. While the firm doesn’t believe the current buyout offer will be successful and the stock price move narrows the risk/reward profile, it sees upside potential into the $22.50 per share bid.
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