(RTTNews) - Diana Shipping (DSX), a shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading (GNK), announced that it has commenced a tender offer through its subsidiary, 4 Dragon Merger Sub, to purchase all outstanding shares of Genco common stock at $23.50 per share in cash. The Offer is scheduled to expire on June 2, 2026.
Diana submitted its initial proposal of $20.60 per share on November 24, 2025, and increased it to $23.50 per share on March 6, 2026. The Genco Board rejected both proposals without any engagement.
Diana has also entered into a definitive agreement with Star Bulk Carriers (SBLK) to sell 16 of Genco's vessels for $470.5 million in cash upon completion of the acquisition.
In pre-market trading on NYSE, Genco shares are up 1.02 percent to $24.78.
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