News & Events zu Diana Shipping Inc (DSX)DSXDiana Shipping Inc

Genco Shipping Reviews Diana Shipping's Acquisition Proposal

Genco Shipping (GNK) issued a statement regarding the expiration of the tender offer of Diana Shipping (DSX), which reads in part, "Genco is executing its Comprehensive Value Strategy, which is delivering superior returns to shareholders in a strengthening drybulk market....The Board is continuing its thorough review of Diana's non-binding indicative proposal to acquire all outstanding common shares of Genco not already owned by Diana for consideration consisting of $24.80 per share in cash and one Diana share. As part of that review, our advisors have engaged with Diana's advisors on multiple occasions to discuss their proposal, including its price, structure and terms. 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."

Genco Shipping Updates on Diana Acquisition Proposal

Genco Shipping (GNK) provided an update on its board of directors' review of the revised, non-binding indicative proposal of Diana Shipping (DSX) to acquire all outstanding common shares of Genco not already owned by Diana for consideration consisting of $24.80 per share in cash and one Diana share. The company issued the following statement: "Genco's Board is committed to maximizing shareholder value. Our Board, with the assistance of its external financial and legal advisors, continues to conduct a thorough review of Diana's indicative, non-binding proposal. As part of this review, Genco's advisors have engaged with Diana's advisors on multiple occasions in recent weeks to discuss the price, terms and structure of Diana's proposal and to assess whether a transaction that fully and fairly compensates Genco shareholders could be achieved. As the Board continues its review of Diana's proposal, it is evaluating several important factors, such as: Whether the proposal fully reflects the underlying value of Genco's assets and includes an appropriate control premium commensurate with Genco's sizeable, industry-leading platform in a rising market. The value of one Diana share. Diana has ascribed a $2.54 value to the stock consideration; Diana's closing stock price on June 16, the day prior to announcing its revised proposal, was $2.30; Diana's closing stock price on July 22 was $2.20; The proposed new share issuance in connection with the transaction may result in substantial dilution of Diana's current outstanding shares that could lead to a materially lower share price, reducing the consideration received by Genco shareholders; and Diana's proposed subsequent sale of 16 Genco vessels to Star Bulk at below market prices could negatively impact the value of Diana shares. The cash consideration and impact of upcoming Genco dividends. Diana's offer states that the $24.80 per share cash component of the offer is to be reduced by dividends declared, including Genco's Q2 2026 dividend expected to be announced in early August. Genco shareholders are well-positioned to continue benefiting from the meaningful progress we are making by executing our Comprehensive Value Strategy and delivering strong returns. We have grown our assets, reduced our debt, lowered breakeven levels and increased our earnings and dividend capacity. We expect to continue driving compelling and growing dividends and returns for shareholders in a strengthening drybulk market. Our Board will provide a formal response to the proposal in due course and will continue to act in the best interests of all Genco shareholders. Reject Diana's Separate $24.80 Per Share Tender Offer Genco's Board also continues to strongly recommend that shareholders protect their investment and upside potential by not tendering their shares into Diana's inadequate $24.80 per share tender offer. This separate offer does not include a share of Diana stock, as Diana's revised, non-binding indicative proposal does. Shareholders should not be misled, and those who have already tendered their shares can withdraw them at any time prior to the expiration of the tender offer."