Diana Shipping Boosts Genco Offer to $24.80, Extends Deadline to June 26
DSX•Diana Shipping boosted its all-cash offer for Genco shares from $23.50 to $24.80 per share and extended the tender deadline to June 26, 2026. The fully financed $1.433 billion bid represents a 39% premium to Genco’s undisturbed November 21, 2025 price and aligns with 1.0x net asset value.
1. Offer Increase and Tender Extension
Diana Shipping raised its cash offer for Genco shares from $23.50 to $24.80 per share and extended the tender deadline to 5:00 p.m. ET on June 26, 2026. All other terms remain unchanged unless Genco declares a dividend before closing, which would reduce the offer price dollar-for-dollar.
2. Valuation and Premium Analysis
The revised offer implies a 39% premium over Genco’s undisturbed November 21, 2025 closing price and equals approximately 1.0x Genco’s net asset value at current high asset valuations. Genco’s shares currently trade near NAV, while dry bulk peers trade at an average 20% discount, indicating significant downside risk if the deal fails.
3. Financing and Next Steps
The $1.433 billion cash offer is fully committed and arranged by multiple banks including DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. Diana has nominated six independent directors for Genco’s June 18 annual meeting and urges shareholders to tender shares and vote its GOLD universal proxy card.
