Diana Shipping Inc. (DSX) on Friday intensified its push to acquire Genco Shipping & Trading Limited, urging the company's board to engage in good faith negotiations and allow shareholders the opportunity to realize what it described as a premium valuation.
The Athens-based dry bulk shipping company, which already owns about 14.8% of Genco, said its increased all-cash offer of $23.50 per share, made in partnership with Star Bulk Carriers Corp., is fully financed and carries no execution risk.
Diana said its $1.433 billion financing package for the proposed acquisition is fully committed and not dependent on any vessel sales to Star Bulk. It added that $1.102 billion of committed acquisition debt financing alone is sufficient to fund the offer, while an additional $331 million is designated solely for refinancing its existing debt and does not affect its ability to complete the transaction.
The company dismissed concerns raised by Genco regarding its financing structure and the planned sale of certain vessels to Star Bulk, saying such issues have no bearing on its ability to complete the acquisition or on the value delivered to Genco shareholders.
Diana also called on fellow Genco shareholders to press the board and management to reconsider the offer.
"Our fully financed increased offer is an attractive opportunity for all Genco shareholders to realize a premium valuation in line with Gencos implied NAV, using the Companys own fleet values publicly disclosed in its February 18, 2026 investor presentation. Rather than constructively engage with Diana regarding our premium proposal, the Genco Board has for the second time dismissed it without seeking any clarification," said Semiramis Paliou, Dianas Chief Executive Officer.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.