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Genco Continues Review of Diana Shipping's Buyout Proposal After Tender Offer Ends

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Genco Shipping & Trading (GNK) said its board is continuing to review Diana Shipping's (DSX) nonbinding acquisition proposal following the unsolicited tender offer expired.

"Our advisors have engaged with Diana's advisors on multiple occasions to discuss their proposal, including its price, structure and terms," Genco said Monday in a statement.

"Genco will continue to engage in good faith discussions with Diana with the goal of determining whether a transaction that fully and fairly compensates Genco shareholders is achievable" according to the statement.

Earlier Monday, Diana said it terminated its tender offer, removing what Genco had cited as a barrier to substantive negotiations.

Genco shares fell 5.6% in Monday trading, and Diana dropped 3.1%.

Price: $25.28, Change: $-1.49, Percent Change: -5.57%

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