Genco Shipping & Trading Limited (GNK) announced that its Board of Directors has unanimously rejected a non-binding indicative proposal from Diana Shipping Inc. to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share in cash.
The Board, acting on the recommendation of a committee of independent directors, determined that the proposal significantly undervalues Genco.
In addition, the Board cited substantial execution risk, noting that the offer lacked committed financing and was therefore not in the best interests of Genco's shareholders.
While rejecting the current proposal, Genco's Board emphasized that it had sought to engage in discussions with Diana Shipping regarding alternative transaction structures that could potentially deliver value to both companies' shareholders.
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