Genco Shipping & Trading (GNK) said Monday that Diana Shipping's (DSX) announcement could confuse shareholders because it highlights a cash-and-stock proposal, while the extended tender offer remains $24.80 per share in cash.
Earlier Monday, Diana Shipping said it extended its tender offer to acquire outstanding Genco Shipping & Trading shares that it does not already own for $24.80 per share in cash to July 10, while highlighting a separate cash-and-stock proposal valued at $27.34 per share.
Genco board continues to recommend that shareholders do not tender their shares into Diana's $24.80 cash offer, as it does not reflect the full value or future potential of Genco, the company said, adding that the board is still reviewing Diana's June 17 proposal.
The company said Diana has not filed an amended tender offer reflecting a higher price. Until Diana formally does so, Genco said it will not update its Schedule 14D-9 recommendation statement to address that proposal.
Price: $24.08, Change: $+0.51, Percent Change: +2.16%