Shareholders of Genco Shipping and Trading overwhelmingly re-elected all six of the company's director nominees at the annual meeting on June 18. Based on preliminary results, an average of nearly 90 per cent of shares, excluding those held by Diana Shipping, were voted in favour of each nominee.
The voters also approved the equity incentive plan and ratified the shareholder rights agreement of the US-based drybulk shipowner, while rejecting proposals submitted by Diana Shipping.
Genco stated that its board is carefully reviewing a revised, non-binding acquisition proposal received from Diana Shipping on June 17, in consultation with its financial and legal advisers.
Meanwhile Diana Shipping, which is Genco's largest shareholder, reaffirmed its commitment to the transaction after raising its offer to an implied value of $27.34 per share.
The revised bid consists of $24.80 per share in cash and one Diana Shipping share valued at $2.54, which represents a 53 per cent premium to Genco's undisturbed share price.
Commenting on the voting results, Diana Shipping Chief Executive Officer Semiramis Paliou declared that the outcome would not diminish the acquisition commitment. "Our door remains open, and we are eager and available to engage with respect to the attractive offer we have proposed," Paliou added.
