Diana Shipping has increased its acquisition offer for Genco Shipping and Trading to a total implied value of $27.34 per share.
The revised proposal consists of $24.80 per share in cash and one Diana Shipping share, valued at $2.54 based on a 30-day volume-weighted average price up to June 16, 2026.
According to Diana Shipping, the offer represents a 53 per cent premium to the closing share price of Genco on November 21, 2025, which was the final trading day before the initial bid.
It also provides a 16 per cent premium to the closing price of $23.51 on June 16, and a six per cent premium to the net asset value of the drybulk firm.
The company also requested that Genco delay its annual meeting scheduled for June 18 to allow the board of directors and shareholders sufficient time to evaluate the terms.
Diana Shipping Chief Executive Officer Semiramis Paliou said the revised offer provides Genco shareholders "a meaningful premium, immediate, certain cash value".
Paliou added that the combination of the two firms would build a larger dry bulk platform, adding that executives intend to maintain their ownership stakes through open-market stock purchases after completion.
In response, Genco announced that its board of directors will review the proposal alongside financial and legal advisors. "The Genco board is committed to maximizing shareholder value and will carefully review the revised proposal from Diana, in consultation with its financial and legal advisors," the firm stated.
Genco however refused to postpone the upcoming shareholder gathering and confirmed it will proceed with the June 18 annual meeting as planned. Genco explained that releasing the offer just 24 hours prior to the event created an unnecessary delay, claiming that two board nominees put forward by Diana Shipping are unfit to serve.