Diana Shipping (DSX), a 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 (GNK), announced that it has commenced a tender offer through its subsidiary, 4 Dragon Merger Sub, to purchase all outstanding shares of Genco common stock at $23.50 per share in cash. The Offer is scheduled to expire on June 2, 2026.
Diana submitted its initial proposal of $20.60 per share on November 24, 2025, and increased it to $23.50 per share on March 6, 2026. The Genco Board rejected both proposals without any engagement.
Diana has also entered into a definitive agreement with Star Bulk Carriers (SBLK) to sell 16 of Genco's vessels for $470.5 million in cash upon completion of the acquisition.
In pre-market trading on NYSE, Genco shares are up 1.02 percent to $24.78.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.