Genco Stock Rises After Diana Shipping Offers All Cash Buyout At 15% Premium
Synopsis
Diana Shipping said it currently owns approximately 14.8% of Genco’s outstanding shares.
Genco Shipping & Trading (GNK) shares jumped over 7% in early trading on Monday after Diana Shipping Inc. (DSX) submitted a letter to the former’s board of a proposal to acquire all of the outstanding shares of Genco not already owned by Diana for $20.60 per share in cash.
Diana Shipping said it currently owns approximately 14.8% of Genco’s outstanding shares. The deal values Genco at nearly $891 million.
The company said that the offer price represents a 15% premium to Genco’s closing price of $17.90 on November 21 and a 21% premium to the closing price of $15 on July 17, the date of the initial disclosure of Diana’s ownership stake in Genco.
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