Genco Shipping rejects non-binding indicative proposal from Diana Shipping

The company states: “Genco Shipping (GNK) & Trading confirmed that its Board of Directors, with the recommendation of a committee of independent directors, unanimously rejected Diana Shipping Inc.’s non-binding indicative proposal to acquire all of the outstanding shares of Genco not already owned by Diana for $20.60 per share in cash, as the proposal materially undervalues Genco. mong other considerations, Diana’s indicative proposal failed to reflect: The inherent value of Genco’s high-quality and modern fleet, leading commercial operating platform, established technical management business and strong balance sheet; The Company’s track record of durable cash flow generation across cycles and execution of a low leverage, high capital return business model; and an appropriate premium in exchange for control of Genco, given its superior performance and strong capital returns throughout the cycles.”