Diana Shipping sweetens Genco takeover bid to $27.34 a share

The revised offer consists of $24.80 in cash and one Diana Shipping share, valued at $2.54 based on a 30-day volume-weighted average price. This latest step follows a series of incremental increases from Diana, which initially proposed a $20.60 buyout last year and subsequently raised the price to $23.50 in March and $24.80 in May. Genco leadership has consistently rebuffed these overtures, maintaining that the bids fail to reflect the true value of their assets.

In conjunction with the new price, Diana has requested that Genco postpone its annual meeting scheduled for Thursday to allow stakeholders more time to weigh the proposal. Genco confirmed it would review the terms but refused to delay the meeting, noting that the gathering does not include a formal vote on the takeover. The company maintains that proceeding with the meeting places no undue burden on its shareholders.