Mergers & Acquisitions ·
Diana Shipping Inc. withdrew its offer to acquire Genco Shipping & Trading Limited on August 14, 2026, following…
DSXDiana Shipping Inc.
Diana Shipping Inc. withdrew its offer to acquire Genco Shipping & Trading Limited on August 14, 2026, following demands from Genco's board that Diana considers unreasonable. The original proposal consisted of $24.80 in cash and one Diana share valued at $2.54 per Genco share. Genco countered with a demand for $27.50 in cash, $2.00 in dividends, and three Diana shares per Genco share, implying total consideration of approximately $36.91 per share. This counter-demand represents a 57% premium to Genco’s undisturbed share price at the time of Diana's last offer. Diana stated that no credible acquirer could meet these terms and accused Genco's board of misalignment with shareholder interests. The company remains Genco's largest shareholder and intends to continue holding the board accountable for its commitments regarding standalone value and dividend growth. Diana Shipping Inc. operates in the global shipping industry, specializing in the ownership and bareboat charter-in of dry bulk vessels.