Diana Shipping withdraws bid to buy Genco after board seeks about USD 36.91 per share
DSX•Diana Shipping withdraws its offer
Diana Shipping withdrew its offer to buy the Genco shares it does not already own.
The latest proposal offered USD 24.8 cash per Genco share, adjusted for a USD 0.8 dividend, plus one Diana share valued at USD 2.54.
Genco board counters with higher terms
Genco’s board countered with USD 27.5 cash, USD 2 in projected dividends, and three Diana shares, implying about USD 36.91 per share.
The counterproposal implied a 42% premium to Genco’s Aug. 13 close, based on Diana’s USD 2.47 closing price.
Three Diana shares per Genco share would leave Genco investors owning about 47% of the combined company.
