Diana Shipping launches $23.50/share tender offer to acquire Genco Shipping, a 31% premium over market price.

Diana Shipping Inc. has initiated a tender offer to buy all outstanding shares of Genco Shipping & Trading at $23.50 per share in cash, representing a 31% premium over Genco's undisturbed share price. This move follows five months of unsuccessful attempts to engage with Genco's board, which rejected Diana's earlier proposals. The offer is fully financed with $1.433 billion secured and includes a plan to sell 16 Genco vessels to Star Bulk Carriers for $470.5 million upon acquisition. Diana urges Genco shareholders to accept the offer, highlighting the immediate cash value compared to long-term dividends, and has nominated six independent directors to Genco's board to ensure shareholder interests are prioritized. The tender offer expires on June 2, 2026, unless extended.