Diana Shipping Offer Gains 28.4% Tender Acceptance in $27.34-Per-Share Bid
DSX•Diana Shipping’s amended $27.34-per-share offer for Genco—$24.80 cash plus one DSX share valued at $2.54—has drawn tendered acceptances for 10.58 M shares, or 28.4% of the 37.25 M shares outstanding that Diana does not own, as of June 26. The $1.412 B-financed bid expires July 10 at 5:00 p.m.
1. Details of Tender Offer
Diana Shipping increased its bid on June 17 to $27.34 per Genco share, comprising $24.80 cash plus one Diana share valued at $2.54 based on a 30-day VWAP. The offer covers all outstanding shares not already owned by Diana and carries no financing condition.
2. Shareholder Response
By June 26, 10,583,484 shares—28.4% of the 37,255,650 shares Diana does not own—have been tendered. This level of early acceptances signals strong shareholder interest in securing the 53% premium over Genco’s undisturbed share price and the 6% NAV premium.
3. Next Steps and Implications
The tender offer remains open until July 10 at 5:00 p.m. New York City time, and Diana urges remaining shareholders to participate. If sufficient shares are tendered, Diana could achieve full ownership of Genco, reshaping consolidation in the dry bulk shipping sector.
