Genco Slams Diana’s $24.80 Bid Below $26.66 NAV, Urges White Proxy Vote
GNK•Genco Shipping slammed Diana Shipping’s $24.80 per share tender offer as below its $26.66 mean and $27.10 median NAV estimates and lacking a control premium, urging shareholders to vote its white proxy card. The company highlighted its 43-vessel fleet and 4.94 million dwt capacity reflecting strong drybulk fundamentals.
1. Rejection of Diana’s Tender Offer
Genco asserts that Diana’s non-binding $24.80 per share bid falls below both its $26.66 mean and $27.10 median NAV estimates and omits a control premium, labeling it a discount to liquidation value.
2. White Proxy Card Solicitation
The board urges shareholders to vote its white proxy card for Genco’s nominees, withhold votes on Diana’s candidates and reject the offer, while signaling openness to improved proposals reflecting asset value.
3. Fleet Capacity and Market Position
Genco highlighted its modern fleet of 43 vessels averaging 12.6 years and 4.94 million dwt capacity, noting strengthening drybulk market fundamentals as part of its Comprehensive Value Strategy to drive shareholder returns.
