Diana said it has received a letter from the Genco’s Board rejecting its non-binding indicative proposal to acquire all of the issued and outstanding shares of Genco common stock not already owned by Diana.
- Diana had offered to buy all of the outstanding shares of Genco for $20.60 per share in cash.
- Diana currently beneficially owns approximately 14.8% of the Genco's common stock.
- Diana’s CEO said they were deeply disappointed that Genco’s Board chose to reject the proposal without any engagement.
Diana Shipping shares rose in Tuesday’s after-market trading after its acquisition offer was rejected by the board of Genco.
Diana said it received a letter from the Genco Board of Directors rejecting its non-binding indicative proposal to acquire all of the issued and outstanding shares of Genco common stock not already owned by Diana for $20.60 per share in cash.
“We are deeply disappointed that, despite our continued willingness to enter into discussions with Genco’s Board, it instead chose to reject our proposal without any engagement with us or our advisors. In fact, Genco’s letter raised questions about the structure, value and certainty of execution that we are ready and willing to discuss if they engage with us directly,” Diana’s CEO Semiramis Paliou said.
Diana said its Board is considering all its options to advance its highly compelling offer to acquire Genco.
Diana’s Offer
Diana in November had sent a non-binding indicative proposal from Diana Shipping to acquire all of the outstanding shares of Genco not already owned by Diana. Diana currently beneficially owns approximately 14.8% of the Genco's common stock.
The proposal that was initially disclosed on November 24, represented a 15% premium to the closing price of Genco’s shares on November 21, 2025.
How Did Stocktwits Users React?
Retail sentiment around DSX trended in ‘neutral’ territory amid ‘high’ message volume.
Meanwhile retail sentiment around GNK trended in ‘neutral’ territory amid ‘high’ message volume.
Diana shares have fallen 5% over the past year.
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