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15 stories mentioning GNKUpdated 5d ago

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Diana Shipping Says Genco's Fleet Values Have Declined

Diana Shipping (DSX) said Tuesday that data from VesselsValue shows Genco's (GNK) fleet values have declined "meaningfully" since peaking in early June, contradicting Genco's recent claim that vessel values are rising.Genco has historically used VesselsValue data as its preferred source for fleet valuation and loan-to-value calculations. After Diana launched its proposal and proxy contest, Genco abandoned VesselsValue in favor of sell-side analyst estimates that calculated its net asset value approximately $2 per share higher, the company said.According to VesselsValue, Genco's fleet value has dropped by $50 million from a peak of $1.48 billion in early June to $1.43 billion as of Tuesday, amid a softening dry bulk market.Diana said Genco shareholders should question why the company switched from its original valuation source to one that produces more favorable numbers if values are continuing to rise organically.Genco did not immediately respond to a request for comment from.Price: $2.18, Change: $-0.02, Percent Change: -0.91%

Genco Continues Review of Diana Shipping's Buyout Proposal After Tender Offer Ends

Genco Shipping & Trading (GNK) said its board is continuing to review Diana Shipping's (DSX) nonbinding acquisition proposal following the unsolicited tender offer expired."Our advisors have engaged with Diana's advisors on multiple occasions to discuss their proposal, including its price, structure and terms," Genco said Monday in a statement."Genco will continue to engage in good faith discussions with Diana with the goal of determining whether a transaction that fully and fairly compensates Genco shareholders is achievable" according to the statement.Earlier Monday, Diana said it terminated its tender offer, removing what Genco had cited as a barrier to substantive negotiations.Genco shares fell 5.6% in Monday trading, and Diana dropped 3.1%.Price: $25.28, Change: $-1.49, Percent Change: -5.57%

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

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%

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

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%

Diana Shipping Extends Financing for Genco Buyout Proposal

Diana Shipping (DSX) said Tuesday it has extended the fully committed financing supporting its offer to acquire the remaining outstanding shares of Genco Shipping & Trading (GNK).The $1.41 billion financing package includes an unchanged $1.10 billion tranche and a second tranche adjusted to $310 million from $331 million after Genco Shipping sold two vessels, the company said.The company maintained its bid of $27.34 per share, consisting of $24.80 in cash and one Diana Shipping share, it added.Price: $2.04, Change: $+0.03, Percent Change: +1.49%

Genco Shipping & Trading Urges Shareholders to Reject Diana Shipping's $24.80 Cash Tender Offer

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%

Genco Shipping Says Shareholders Re-Elect Company's Director Nominees at Annual Meeting

Genco Shipping & Trading (GNK) said Thursday, based on preliminary results, its shareholders have overwhelmingly voted to re-elect all six of company's director nominees at the 2026 annual meeting.Based on the preliminary results provided by Genco's proxy solicitor, about 90% of shares other than those held by Diana Shipping (DSX) were voted in favor of each of the company's directors, according to a statement.Shareholders also supported board's other recommendations, including equity incentive plan approval and shareholder rights agreement ratification, and voted against Diana's proposals, according to the company.The company said its board is reviewing the revised non-binding proposal received from Diana on Wednesday.Price: $24.25, Change: $+0.92, Percent Change: +3.94%

Genco Shipping & Trading to Review Revised Takeover Proposal From Diana Shipping

Genco Shipping & Trading (GNK) said Wednesday it received and will review Diana Shipping's (DSX) revised unsolicited, non-binding proposal to acquire the company.The company said its board will review the proposal with its financial and legal advisers and continue taking actions that are in the best interests of shareholders.Genco said Diana's two remaining board nominees have ties to Diana's agenda and are not fit to serve on the company's board.The company said it will proceed with its June 18 annual meeting as scheduled.Price: $23.68, Change: $+0.17, Percent Change: +0.72%

Genco Shipping & Trading Urges Shareholders to Reject Diana Shipping's Takeover Proposal

Genco Shipping & Trading (GNK) said Friday it urged shareholders to reject Diana Shipping's (DSX) attempt to acquire the company on the cheap with an inadequately priced tender offer at $24.80 per share and a proxy fight to replace the Genco board with its nominees.Genco said Diana's offer is at a discount to its liquidation value, but the board is open to meeting again if Diana submits a revised proposal reflecting the company's value.The company also urged stockholders to vote "withhold" on Diana's nominees, according to a statement.Diana Shipping did not immediately respond to a request for a comment from.Price: $24.91, Change: $+0.82, Percent Change: +3.40%

Diana Shipping Says Fully Committed to Its Genco Offer, Urges Shareholders to Vote For Its Director Nominees

Diana Shipping (DSX) said Tuesday it is fully committed to its offer for Genco Shipping & Trading (GNK) and urged Genco shareholders to elect its six independent director nominees at the June 18 annual meeting.Genco board has rejected its offers for the third time without any engagement, Diana Shipping said.Diana Shipping also urged Genco shareholders to tender their shares pursuant to its tender offer at $24.80 per share in cash, according to a statement.Price: $2.40, Change: $-0.04, Percent Change: -1.84%

Diana Shipping Boosts Offer to Acquire Genco to $24.80 per Share

Diana Shipping (DSX) said Wednesday it has increased its offer to acquire all the shares of Genco Shipping & Trading (GNK) that it does not already own to $24.80 a share in cash from $23.50.Diana said it has also extended the expiration for the tender offer to 5 pm New York City time on June 26.The company said the increased offer is fully financed, with $1.43 billion in financing arranged by DNB Carnegie and Nordea, with participation from other banks.Diana also said it has nominated six candidates to Genco's board.Genco didn't immediately respond to a request for comment by.Price: $2.80, Change: $+0.08, Percent Change: +2.95%

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

Genco Shipping & Trading (GNK) again urged shareholders to reject Diana Shipping's (DSX) $23.50-a-share tender offer.Genco said Monday in a statement that "Diana's low-ball offer continues to undervalue" its assets and business."The board unanimously rejected Diana's tender offer after receiving opinions from both Jefferies and Morgan Stanley, each confirming that the offer was inadequate," Genco said.Genco urged shareholders to vote in favor of the company's six director nominees and against Diana's shareholder proposals at the upcoming annual meeting.Earlier Monday, Diana said Genco shares may fall significantly if its offer is withdrawn, arguing that the stock is currently supported by takeover expectations.Genco shares rose 0.9% in Monday trading, and Diana gained 0.6%.Price: $24.50, Change: $+0.22, Percent Change: +0.91%

Genco to Review Diana Shipping's $23.50-a-Share Tender Offer

Genco Shipping & Trading (GNK) said Monday that Diana Shipping (DSX) launched a conditional, unsolicited tender offer to acquire the remaining Genco shares for $23.50 per share in cash, and that its board is reviewing the bid.The offer price matches Diana's March 6 proposal, which Genco's board unanimously rejected as inadequate and below the company's net asset value, the company said.Genco shares fell 2.2% in Monday trading, and Diana rose 0.6%.Price: $23.99, Change: $-0.55, Percent Change: -2.22%

Genco to Review Diana Shipping's Offer to Acquire All Outstanding Shares

Genco to Review Diana Shipping's Offer to Acquire All Outstanding Shares

Diana Shipping Accuses Genco of Entrenchment Over Delayed Annual Meeting Process

Diana Shipping (DSX) on Friday accused Genco Shipping & Trading (GNK) of attempting to entrench its board by delaying key steps in its annual meeting process, escalating an ongoing dispute between the two companies.Diana said Genco filed a preliminary proxy statement without announcing a date for its 2026 annual meeting or setting a record date for shareholders eligible to vote.The company added that Genco had reserved multiple potential record dates but failed to finalize one, which it said created confusion and undermined shareholder participation.The Greek shipping firm, which owns about 14.8% of Genco, argued that the move was aimed at limiting shareholders' ability to influence the company's direction, including voting on Diana's nominees to Genco's board.It called on Genco to immediately announce a meeting date and allow investors to vote on key decisions.Diana also criticized Genco's response to its takeover proposal, saying the board has refused to engage since the offer was made five months ago.Genco didn't immediately respond to' request for comment.Price: $2.44, Change: $-0.01, Percent Change: -0.49%

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