Diana Shipping Escalates Hostile Pursuit of Genco

The revised offer consists of $24.80 in cash supplemented by a single Diana share, valued at $2.54 based on a 30-day volume-weighted average price. This latest maneuver marks the fourth attempt by Diana to secure a deal since last year, when the initial proposal sat at $20.60 per share. Subsequent bids of $23.50 in March and $24.80 in May were similarly dismissed by Genco leadership, which maintains that the offers fail to reflect the true value of its assets.

To keep the pressure on, Diana has formally requested a postponement of Genco’s annual meeting scheduled for Thursday. The company argues that shareholders and board members require additional time to weigh the merits of this increased valuation before proceeding with corporate governance matters.