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Diana Shipping Boosts Offer to Acquire Genco to $24.80 per Share

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Diana Shipping (DSX) said Wednesday it has increased its offer to acquire all the shares of Genco Shipping & Trading (GNK) that it does not already own to $24.80 a share in cash from $23.50.

Diana said it has also extended the expiration for the tender offer to 5 pm New York City time on June 26.

The company said the increased offer is fully financed, with $1.43 billion in financing arranged by DNB Carnegie and Nordea, with participation from other banks.

Diana also said it has nominated six candidates to Genco's board.

Genco didn't immediately respond to a request for comment by.

Price: $2.80, Change: $+0.08, Percent Change: +2.95%

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