Diana Shipping Extends Genco Tender to July 10 After 28.4% Acceptance on $27.34 Bid
DSX•Diana Shipping extended its tender offer for Genco shares to July 10, 2026, after 10,583,484 shares—28.4% of shares not already held—were tendered as of June 26. The $27.34-per-share bid—$24.80 cash plus one Diana share valued at $2.54—carries $1.433 billion financing and a 53% premium.
1. Tender Offer Extension
Diana Shipping extended its tender offer to acquire all Genco shares not already held to July 10, 2026, at 5:00 p.m. New York City time, providing shareholders additional time to participate in the deal.
2. Share Tender Uptake
As of June 26, 2026, 10,583,484 shares—equivalent to 28.4% of the outstanding shares not owned by Diana—have been tendered, excluding the over 14% of shares already held by Diana.
3. Offer Details and Financing
The offer values each Genco share at $27.34, comprised of $24.80 in cash plus one Diana share valued at $2.54 based on a 30-day volume-weighted average price; it is supported by $1.433 billion in committed financing from six international banks.
4. Strategic Implications and Negotiations
With the bid representing a 53% premium to Genco’s undisturbed share price and a 6% premium to net asset value, Diana is pressing for negotiations with Genco’s board to finalize a value-creating transaction.
