Diana Shipping Proposes $23.50 Cash Offer for Genco, Raises $1.433B Financing
Diana Shipping Inc., owner of 14.8% of Genco shares, has proposed a fully financed, all-cash $23.50 per share offer backed by $1.433 billion to acquire remaining equity. It also nominated six independent board candidates and accused the Genco board of entrenchment using a poison pill to block the bid.
1. Offer Details
Diana Shipping Inc. has proposed a fully financed, all-cash acquisition of the remaining Genco shares at $23.50 per share, representing approximately 1.0x net asset value and offering shareholders immediate premium value at cyclically high drybulk asset prices.
2. Financing and Partnership
Diana’s $23.50 offer is backed by $1.433 billion in financing commitments from DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank, and includes a definitive agreement with Star Bulk Carriers to acquire 16 Genco vessels for $470.5 million upon deal completion.
3. Governance Concerns
Diana accuses the Genco board of entrenchment designed to preserve executive roles and compensation, citing a unilateral poison pill, an undisclosed Special Committee, a secret Employee Retention Plan and repeated delays in setting the 2026 annual meeting date.
4. Director Nominees
Diana has nominated six independent candidates for Genco’s board—Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes—to replace entrenched directors and secure shareholder approval of the offer.