Genco Says Advisers Are Engaging With Diana Over Latest Takeover Bid

By Elias Schisgall

Genco Shipping & Trading said its advisers are engaging with Diana Shipping over its most recent acquisition offer, marking a change of tone after the company rejected Diana's previous takeover proposals.

"Genco's advisors have engaged with Diana's advisors on multiple occasions in recent weeks to discuss the price, terms and structure of Diana's proposal and to assess whether a transaction that fully and fairly compensates Genco shareholders could be achieved," the company said Thursday.

Among the factors under evaluation are whether Diana's proposal includes a sufficient control premium, Genco said. Its advisers are also considering whether an issuance of Diana shares as part of the proposed deal would dilute Diana's outstanding stock and lower the consideration for Genco shareholders.

Diana's most recent proposal offers to buy Genco for $27.34 a share, consisting of $24.80 in cash and one Diana share. Diana's previous offers to take over the company were rebuffed, with Genco saying that the prior bids undervalued its business and assets.

Diana has also launched a tender offer to buy shares for $24.80 in cash. Genco on Thursday again advised shareholders not to participate in the tender offer, which does not include a share of Diana.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

July 23, 2026 17:02 ET (21:02 GMT)