Diana Shipping Raises Unsolicited Cash Offer for Genco to $24.80 Per Share

Overview

• Diana formally amended its unsolicited all-cash tender offer to $24.80 per share and extended the deadline to June 26, 2026, according to its May 27 announcement.
• Diana says the offer is fully financed with $1.433 billion of committed bank financing arranged by DNB Carnegie and Nordea with participation from other banks.
• Genco’s board confirmed Diana’s revised proposal on May 27 and said it will review the offer with financial and legal advisers while shareholders need not act now.
• Diana nominated six independent director candidates and is soliciting votes on a GOLD universal proxy card, while Genco urges shareholders to use its WHITE proxy card and will file an amended Schedule 14D-9 with formal guidance.
• Genco rejected earlier lower proposals at $20.60 and $23.50, and the raised, financed bid narrows financing uncertainty but leaves the outcome dependent on the board’s recommendation, shareholder votes, and potential further negotiations.