Diana Shipping Narrows Proxy Fight to Two Nominees and Links $24.80 Cash Offer to Their Election

Diana ties its $24.80-per-share tender offer to the election of Jens Ismar and Paul Cornell, which could prompt a reassessment of the bid.

Overview

Diana has reduced its proxy slate to two drybulk executives, Jens Ismar and Paul Cornell, and is urging shareholders to vote for them on its GOLD universal proxy card.
The company recommends shareholders withhold votes for Genco nominees Basil G. Mavroleon and Arthur L. Regan to increase the chances of electing its two candidates.
Diana is mailing an Offer to Purchase and a Letter of Transmittal to Genco shareholders and will file those materials with the U.S. Securities and Exchange Commission.
The dissident withdrew four earlier nominees and Diana’s CEO publicly thanked those individuals while describing Ismar and Cornell as independent, experienced directors who can address board shortcomings.
If Ismar and Cornell are not elected, Diana says it will reassess whether to continue the $24.80-per-share offer, a contingency that places immediate pressure on shareholder voting and tender decisions.