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Genco Shipping Again Urges Shareholders to Reject Diana Shipping's Tender Offer

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Genco Shipping & Trading (GNK) said Monday that Diana Shipping (DSX) has again extended its $24.80-per-share cash tender offer, which Genco's board continues to unanimously reject as "inadequate."

The board said the offer meaningfully undervalues the company and its assets, remains below Genco's net asset value and does not include a control premium.

Genco urged shareholders not to tender their shares, saying Diana has not updated the tender offer to align with the terms of a separate indicative, non-binding proposal it submitted to Genco's board, which the company said is at a higher price than the tender offer.

Genco added that its board continues to review Diana's separate indicative, non-binding proposal.

Price: $25.40, Change: $-0.11, Percent Change: -0.43%

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