Diana Shipping said that a new board would give Genco an opportunity to explore strategic alternatives, including its own takeover offer.
- Diana said that its takeover offer provides shareholders an attractive premium value and the plans were supported by a highly confident financing letter from two leading shipping banks.
- Diana’s CEO said that the company was disappointed that Genco’s decision took over six weeks and did not engage with Diana’s proposal.
- Diana named six shipping industry experts as nominees to Genco’s new board and said it would file the necessary documents with the SEC soon.
Diana Shipping (DSX) announced its plans to nominate six candidates to replace existing board directors at rival firm Genco Shipping & Trading (GNK).
The decision comes shortly after Genco’s board rejected Diana's takeover offer of an all-cash deal to buy its outstanding shares for $20.60 a piece. Diana had made the proposal in November 2025, at a 15% premium.
Diana, which owns about 15% of Genco, said in a statement that its takeover offer provides shareholders with an attractive premium value and the plans were supported by a highly confident financing letter from two leading shipping banks. Genco’s decision took over six weeks and did not engage with Diana’s proposal, the company said.
Shares of DSX fell 0.48% on Friday, while shares of GNK declined 1.76% at the time of writing.
Disappointment Over Deal Refusal
Diana believes shareholders of both companies would benefit from the combination that would push for consolidation in the dry bulk carriers sector.
“Our all-cash offer would realize the benefits of combining our platforms and provide Genco shareholders with immediate, certain value at a meaningful premium to historical trading levels. Given our expressed readiness to engage constructively with Genco’s Board and its advisors, we are deeply disappointed that they have completely refused to have any dialogue with us,” said Diana’s Chief Executive Officer, Semiramis Paliou.
Paliou added that as Genco’s largest shareholder, the company has a “duty to act in response to the Board’s failure to properly consider our offer.” The new board would give Genco an opportunity to explore strategic alternatives, including its own takeover offer.
The company has nominated Gustave Brun-Lie, an industry veteran with about 40 years of shipping industry experience; Chao Sih Hing Francois, a director of Wah Kwong; Paul Cornell, with over 35 years of energy experience; Jens Ismar, a shipping industry veteran, Viktoria Poziopoulou, an experienced shipping lawyer, and Quentin Soanes, another shipping industry veteran.
Diana said that it would file the necessary documents in relation to its proposal with the U.S.Securities and Exchange Commission soon.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around DSX shares was in the ‘bullish’ territory over the past day amid ‘extremely high’ message volumes.
Meanwhile, retail sentiment around GNK shares was also in the ‘bullish’ territory over the past day amid ‘high’ message volumes.
Shares of DSK have lost over 17% in the past year, while shares of GNK have climbed over 35% in the same period.
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