TendieTensor TendieTensor
You’re browsing as
Guest
Free Preview
Sign in/sign up to unlock all features.

News  ›  Benzinga

Diana Shipping Inc. Issues Statement Regarding Genco Shipping & Trading's Response to Diana's Acquisition Proposal

Benzinga Logo Benzinga By Globe Newswire
Diana Shipping Inc. Issues Statement Regarding Genco Shipping & Trading's Response to Diana's Acquisition Proposal

Diana Shipping expressed disappointment after Genco Shipping & Trading's board rejected its $20.60 per share all-cash acquisition proposal without engagement. Diana, which owns 14.8% of Genco, characterized the rejection as flat and noted the board took over six weeks to respond. Diana's CEO stated the company remains willing to discuss the offer, which represents a 23% premium to recent trading prices and is backed by financing from DNB Bank and Nordea Bank. Genco's counter-suggestion to acquire Diana lacked specific financial terms.

Insights
DSX   negative

Diana's acquisition proposal was flatly rejected by Genco's board without engagement or discussion. The company expressed disappointment and frustration with the board's unwillingness to negotiate, despite offering a premium price backed by committed financing.