Diana Shipping has increased its all-cash offer to acquire Genco Shipping and Trading to $23.50 per share. This revised bid represents a 31 per cent premium over the undisturbed closing price of the stock on November 21, 2025.
Partnering with Star Bulk Carriers, the two companies have entered into a definitive agreement to purchase 16 Genco vessels for $470.5 million upon completion of the takeover.
Diana Shipping currently holds approximately 14.8 per cent of the outstanding common stock in Genco Shipping and Trading.
To fund the transaction, Diana Shipping secured a fully underwritten financing commitment of $1.433 billion from a group of international banks. This consortium includes DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank.
The latest bid follows a previous attempt on November 24, 2025, when Diana Shipping offered $20.60 per share in cash. That initial proposal was rejected by the Genco board without substantive engagement according to a statement from the suitor.
Chief Executive Officer of Diana Shipping, Semiramis Paliou, stated, “Diana’s increased offer to acquire Genco – now supported by fully committed financing from leading banks and a definitive agreement with Star Bulk – reflects our continued conviction in the financial and strategic merits of the transaction.”
She urged the Genco board to begin good faith negotiations immediately to deliver value to shareholders.
The company reported that the $23.50 per share price implies a dividend yield of 9.1 per cent based on analyst estimates for 2026. This bid also reflects a price to net asset value ratio of one based on estimates from Clarksons Securities.
Due to the lack of constructive engagement from the target, Diana Shipping has nominated a slate of independent director candidates for the upcoming annual meeting of Genco Shipping and Trading. The suitor noted that board change is “necessary” to ensure that strategic alternatives are evaluated objectively.
