Diana Shipping launches $23.50/share tender offer to acquire all Genco shares, 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 refusal by Genco's board to engage with Diana's acquisition proposals. The offer is fully financed with $1.433 billion secured and is not subject to financing conditions. Diana urges Genco shareholders to tender their shares to realize immediate value, as the board's resistance has denied shareholders this opportunity. Diana also nominated six independent directors to Genco's board to ensure shareholder interests are prioritized. The tender offer expires on June 2, 2026, unless extended.