Diana Shipping Pushes $24.80 All-Cash Offer After Genco Rejection
DSX•Diana Shipping escalates its unsolicited all-cash $24.80-per-share tender offer for Genco, despite Genco’s board rejecting three increasing bids and spending over $15 million on defense measures. Diana urges shareholders to elect six independent directors at the June 18 meeting and tender shares by June 26 to maximize value.
1. Third All-Cash Tender Offer Rejected
On June 2, Genco’s board unanimously declined Diana Shipping’s third all-cash offer of $24.80 per share, marking another refusal despite Diana matching nearly 100% of Genco’s net asset value per VesselsValue broker valuations.
2. Proxy Campaign Intensifies
Diana Shipping launched a GOLD universal proxy card urging Genco shareholders to elect six independent directors at the June 18 annual meeting, aiming to replace the entrenched board and secure engagement on a value-maximizing transaction.
3. Shareholder Defense and Spending
Genco has amended its poison pill and spent over $15 million on defense tactics, including multiple fairness opinions, which Diana Shipping contends destroys shareholder value and justifies the urgency of its tender offer.
