Genco Shipping & Trading Responds to Diana Shipping's Tender Offer Expiration

By Grace Yoon

Genco Shipping & Trading confirmed the expiration of Diana Shipping's tender offer, and said it was reviewing Diana's non-binding indicative proposal to acquire Genco.

A dry-bulk shipper Genco said any offer needs to compensate shareholders for the fully underlying value of its assets and provide an appropriate control premium to its net asset value that reflects the value of its platform in a rising market.

Genco and Diana have been going back and forth about a potential buyout for months. Diana's offers have been repeatedly rebuffed by Genco for being too low.

Diana said earlier Monday that it wouldn't be extending or reinstating its tender offer, eliminating Genco's "latest excuse for failing to engage substantively."

The company said its offer to buy Genco at $27.34 a share including $24.80 in cash and one share of Diana, remains on the table.

Genco said its advisers have engaged with Diana's advisers on multiple occasions to discuss their proposal. Genco added that it would continue to engage in good faith discussions with Diana.

The company also countered Diana's claim that Genco's fleet value has declined by approximately 3.4% as the dry-bulk market has softened, saying independent third-party broker valuations show vessel values are continuing to rise.

Genco's stock was down 5.4%, to $25.32, in recent trading, but has risen over 37% since the start of the year.

Write to Grace Yoon at grace.yoon@wsj.com

(END) Dow Jones Newswires

July 27, 2026 15:01 ET (19:01 GMT)