Diana Shipping Launches Proxy Campaign, Proposes $23.50 Cash Offer at 31% Premium
DSX•Diana Shipping, which owns 14.7% of Genco, launched a campaign site endorsing its $23.50 all-cash bid at a 31% premium and nominating six independent directors for the June 18 annual meeting. The site outlines Genco board governance failures and instructs shareholders to vote Diana’s GOLD proxy card and tender shares.
1. Campaign Website and Offer
On May 12, Diana Shipping launched www.CashforGenco.com to support its fully financed $23.50 per share all-cash proposal for Genco at a 31% premium to its undisturbed share price and equal to 1.0x NAV. The site emphasises Diana’s 14.7% stake in Genco and urges shareholders to consider its acquisition offer.
2. Governance Criticisms and Nominees
The campaign website details patterns of entrenchment and extensive governance failures by the current Genco board, highlighting six months of refusal to engage on Diana’s bid. It introduces six independent nominees with expertise in drybulk shipping, finance, M&A and corporate governance, none of whom are affiliated with Diana.
3. Voting Instructions and Tender Offer
Shareholders are instructed to vote Diana’s GOLD universal proxy card “FOR” its six independent nominees and “WITHHOLD” on Genco’s nominees at the June 18 annual meeting. The site also provides step-by-step guidance on how to tender shares under the $23.50 per share cash offer and review related proxy materials.
