Diana Shipping Warns Genco Shares Could Fall to $17.50 Without $23.50 Offer
Diana Shipping sold some of its Genco stake and warned that without its $23.50 per share cash offer, Genco stock could tumble to $17.50, reflecting a 30% discount to NAV. It has $1.443B financing ready to back the all-cash takeover and urges votes for six independent nominees.
1. Cash Offer and Share Price Outlook
Diana Shipping has proposed a $23.50 per share all-cash offer for Genco and warns Genco's stock, currently propped by the bid, could decline to approximately $17.50 if the offer is withdrawn, reflecting a persistent 30% discount to NAV.
2. Partial Stake Sale and Financing
Diana sold a portion of its Genco holdings at inflated prices while maintaining a significant ownership stake and has secured $1.443 billion in fully committed financing to complete the $23.50 tender offer.
3. Proxy Campaign and Director Nominees
Diana is calling on Genco shareholders to vote for its six independent nominees via the GOLD universal proxy card and to tender their shares at $23.50 by 5:00 p.m. New York time on June 2, 2026, ahead of the June 18 annual meeting.