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Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading Limited, today announced that it has increased its all-cash offer to acquire all of the issued and outstanding shares of Genco not already owned by Diana to $23.50 per share. The increased offer is made in partnership with Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes.<\/p>\n
On November 24, 2025, Diana submitted a proposal to acquire the remaining shares of Genco for $20.60 per share in cash, which the Genco Board rejected without substantive engagement. The increased offer reflects Diana\u2019s continued belief in the financial and strategic merits of the proposed acquisition, and its commitment to delivering enhanced value to all Genco shareholders.<\/p>\n
The increased offer of $23.50 per share represents:<\/p>\n
a 31% premium to the undisturbed closing share price of Genco on November 21, 2025, the last trading day prior to Diana\u2019s initial proposal to acquire the remaining shares of Genco;
an implied dividend yield of 9.1% and 8.3% based on consensus of analyst estimates of dividends per share for 2026 and 2027, respectively; and a price\/net asset value ratio (P\/NAV) of 1.0x based on the NAV estimated by Clarksons Securities, (adjusted for Genco\u2019s recently announced dividend) reflecting a meaningful premium to the P\/NAV Genco has traded at historically.<\/p>\n
Diana\u2019s increased proposal is supported by $1.433 billion of fully committed financing, arranged by DNB Carnegie and Nordea, with participation from leading international banks, including DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank.<\/p>\n
In addition, Star Bulk has entered into a definitive agreement with Diana to acquire 16 Genco vessels for $470.5 million in cash upon completion of Diana\u2019s acquisition of Genco.<\/p>\n
Together, the fully committed financing and the definitive agreement with Star Bulk provide a clear and executable path to complete the acquisition of Genco\u2019s outstanding shares, refinance existing indebtedness, and pay related transaction expenses. The committed financing is fully underwritten and not conditioned on completion of the Star Bulk transaction.<\/p>\n
Following the increased offer, Diana calls upon the Genco Board to engage promptly and in good faith to negotiate a definitive agreement and deliver attractive premium value to all Genco shareholders. At the same time, Diana calls on its fellow Genco shareholders to urge their Board and management team to act favorably with respect to Diana\u2019s offer.<\/p>\n
Semiramis Paliou, Diana\u2019s Chief Executive Officer, commented:<\/p>\n
\u201cDiana\u2019s increased offer to acquire Genco \u2013 now supported by fully committed financing from leading banks and a definitive agreement with Star Bulk \u2013 reflects our continued conviction in the financial and strategic merits of the transaction. Together, these developments underscore our ability to quickly negotiate and execute this transaction, and we once again urge the Genco Board to immediately come to the table and engage in good faith negotiations regarding this highly compelling opportunity to deliver certain, premium value to their shareholders. We are grateful to our financial partners for their commitment, and pleased that Star Bulk \u2013 a leader in the dry bulk sector \u2013 is supportive of our efforts to acquire Genco.\u201d<\/p>\n
Since Diana\u2019s initial all-cash proposal to acquire Genco was announced on November 24, 2025, the Genco Board has refused to engage constructively. As such, Diana has nominated a slate of independent director candidates for election at Genco\u2019s upcoming Annual Meeting, reflecting its belief that meaningful Board change is necessary to ensure shareholders are represented by directors willing to objectively evaluate strategic alternatives and act in good faith to maximize shareholder value, including serious consideration of Diana\u2019s fully financed proposal.<\/p>\n
The proposal letter reflecting Diana\u2019s increased offer to acquire Genco, its financing commitment and Diana\u2019s agreement with Star Bulk are being filed with the Securities and Exchange Commission as Exhibits to an amendment to Diana\u2019s Schedule 13D with respect to its Genco shares.
Source: Diana Shipping Inc.<\/p>\n
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