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Genco Shipping Reiterates Call for Investors to Reject Diana Shipping's Tender Offer

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Genco Shipping & Trading (GNK) on Wednesday reiterated that investors should not tender their shares into Diana Shipping's (DSX) offer, saying the bid continues to value the company at $24.80 a share.

Genco said Diana's tender offer remains $24.80 a share in cash, not the $27.34 figure Diana has referenced in its communications. The company added that Diana has not updated its tender offer materials to reflect the terms of its separate, indicative takeover proposal.

Genco said its board has already reviewed and unanimously rejected the $24.80 tender offer, saying it meaningfully undervalues the company. The board is continuing to review Diana's separate nonbinding proposal, which includes $24.80 in cash plus one share of Diana stock.

Diana Shipping did not immediately respond to a request for comment from.

Genco shares rose 0.5% in Wednesday trading, and Diana Shipping was little changed.

Price: $25.16, Change: $+0.13, Percent Change: +0.52%

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