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Update: Diana Shipping Shares Rise After Withdrawal of Genco Acquisition Offer

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(Updates to add stock movement in the headline and the first paragraph.)

Diana Shipping (DSX) shares jump nearly 7% in Monday afternoon trading after the company said late Friday it has withdrawn its offer to acquire all outstanding Genco Shipping & Trading (GNK) shares not already owned by Diana, consisting of $24.80 in cash plus one Diana share valued at $2.54.

Diana said it remains convinced of the strategic and financial merits of a combination with Genco but is withdrawing its offer because, in its view, Genco's board has adopted a position that no credible acquirer could realistically meet. Diana said the position raises questions about whether the board's interests remain aligned with those of Genco's shareholders.

The demands are for consideration of $27.50 per share in cash, $2.00 per share in dividends and three Diana shares per Genco share, Diana said, implying total consideration of about $36.91 per Genco share.

Price: $2.65, Change: $+0.17, Percent Change: +6.65%

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