ISS, Glass Lewis and Egan-Jones Back Genco’s Six Nominees, Reject Diana’s $24.80 Bid
GNK•ISS joined Glass Lewis and Egan-Jones in recommending FOR Genco’s six nominees and WITHHOLD on Diana’s, highlighting strong value strategy driving returns. It called Diana’s $24.80 tender offer inadequate and its revised bids merely market-matching, questioning the 20–30% share decline claim.
1. Proxy Advisory Recommendations
Institutional Shareholder Services has joined Glass Lewis and Egan-Jones in recommending shareholders vote FOR all six of Genco’s director nominees and WITHHOLD on Diana Shipping’s nominees, recognizing the board’s execution of its Comprehensive Value Strategy and its delivery of superior returns.
2. ISS Critique of Diana’s Tender Offer
ISS criticized Diana’s unsolicited $24.80 tender offer as inadequate, noting its revised bids merely match existing market levels and do not present a compelling premium; the adviser also questioned Diana’s claims that shares would drop 20–30% without its proposal.
3. Board Encourages Shareholder Voting
Genco’s board is urging all shareholders to vote the white proxy card to elect its six nominees, withhold on Diana’s and reject its shareholder proposals, while advising investors not to tender shares to Diana’s offer and to follow independent advisory recommendations.
