Diana Shipping announced on May 27 that it has increased its all-cash tender offer to acquire Genco Shipping and Trading to $24.80 per share, raising the price from its previous bid of $23.50 per share.
The revised bid represents a total of $1.433 billion in fully committed financing and extends the tender offer expiration to 17:00 New York City time on June 26, 2026.
According to Diana Shipping, the offer price will be reduced if Genco declares a cash dividend or other distribution with a record date prior to the purchase.
In response to the unsolicited bid, Genco's board of directors confirmed it will, "carefully review and evaluate the revised tender offer to determine the course of action," in consultation with its financial and legal advisors.
The board, which previously rejected prior bids from Diana Shipping at $20.60 and $23.50 per share, advised shareholders that they do not need to take action at this time.
Diana Shipping stated that its revised offer represents a 39 per cent premium to the undisturbed closing price of Genco's shares on November 21, 2025. It also noted that the price is valued at approximately one times Genco's net asset value, based on fleet valuation data.