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Genco Shareholder Diana Shipping Says Focusing Proxy Contest on Election of Two Board Nominees

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Genco Shipping & Trading (GNK) shareholder Diana Shipping (DSX) said Monday that it is focusing its proxy contest on the election of two of its nominees to Genco's board.

Diana said it is withdrawing four other board nominations.

Diana said that by focusing its slate on the election of its two nominees, Jens Ismar and Paul Cornell, it is "making clear" that its $24.80 per share all-cash offer is "inextricably linked to the outcome" of the shareholder meeting.

"If they are not elected, Diana will have no choice but to reassess the continuation of its offer," the company said.

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

Price: $2.41, Change: $+0.07, Percent Change: +2.78%

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