Genco Shipping rejects Diana Shipping's $23.50/share tender offer as undervalued, board to review next steps.

Diana Shipping has made an unsolicited tender offer to acquire all outstanding shares of Genco Shipping at $23.50 per share, the same price as a previous rejected proposal. Genco's board unanimously rejected the offer, stating it undervalues the company and is below the net asset value estimated by analysts, which ranges from $25.80 to $26.50 per share. The board is currently reviewing the offer and will issue formal recommendations to shareholders within 10 business days. Shareholders are advised not to take any action until then.