Genco Shipping to review Diana’s $23.50 per share unsolicited tender offer

Genco Shipping & Trading (GNK) confirmed that Diana Shipping (DSX) has commenced a conditional, unsolicited tender offer to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. “Diana’s offer price is unchanged from its inadequate March 6, 2026 proposal to acquire all of the outstanding shares of Genco for $23.50 per share in cash. At that time, Genco’s Board reviewed that proposal with the assistance of external financial and legal advisors and unanimously rejected it, determining that the proposal substantially undervalued the Company, was below the market value of Genco’s shipping assets (or NAV) and failed to provide an appropriate premium for control of the Company. Genco’s mean sell-side analyst NAV estimate is currently $25.80 and the median estimate is $26.50 in a period of rising asset values across the industry. The tender offer is under consideration by Genco’s Board. Genco will issue its formal recommendations to shareholders regarding Diana’s tender offer within 10 business days by filing with the U.S. Securities and Exchange Commission a recommendation statement on Schedule 14D-9. Genco shareholders are advised not to take any action at this time regarding the tender offer,” Genco stated.