Genco Shipping confirms receipt of $26.00 per share Diana Shipping proposal

Genco Shipping (GNK) confirmed that it has received a non-binding indicative proposal from Diana Shipping (DSX) to acquire all of the outstanding shares of Genco not already owned by Diana for $20.60 per share in cash. Diana has disclosed that they currently beneficially own approximately 14.8% of the company’s common stock. The company said, “Genco’s Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the non-binding indicative proposal to determine the course of action that it believes is in the best interests of the Company and all Genco shareholders, consistent with the Board’s fiduciary duties. Genco shareholders do not need to take any action at this time. Our Board has just received Diana’s non-binding indicative proposal and has not made any decisions with respect to the Company’s response. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that any transaction based on such proposal will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any such transaction or any alternative, except as required under applicable law.”