Genco Shipping says Diana Shipping withdraws bid for remaining shares
GNK•Dispute over proposed share mix and dividend treatment
Advisers conveyed a framework of USD 27.5 per share in cash and three Diana shares, with Genco shareholders retaining dividends through closing.
Genco argued Diana overstated the value of its share consideration, citing dilution and a pro forma valuation near USD 1 per Diana share.
Genco said Diana planned to deduct Genco’s USD 0.8 per-share Q2 dividend, which it said would further reduce value.
Diana Shipping withdraws offer for Genco shares it does not own
Diana Shipping withdrew its offer to buy the Genco shares it does not already own, ending months of takeover efforts.
Genco’s board sought consideration at net asset value with a control premium, citing an NAV of about USD 27.5 per share.
