Diana Shipping Inc. has launched a fresh cash tender offer to acquire all outstanding shares of Genco Shipping & Trading Ltd. at $23.50 per share, escalating its takeover attempt after months of stalled discussions with the target’s board.
The offer, which is set to expire at 17:00 on June 2, 2026, is backed by $1.433 billion in committed financing from lenders including DNB Carnegie and Nordea. As part of the broader transaction plan, Diana Shipping has also entered into an agreement with Star Bulk Carriers Corp. to sell 16 vessels for $470.5 million upon completion of the acquisition.
Diana Shipping said the proposal represents a 31 per cent premium to Genco’s undisturbed share price recorded on November 21, 2025. Chief Executive Officer Semiramis Paliou stated that the company is now appealing directly to shareholders, arguing that the offer is designed to deliver immediate value.
The move follows what Diana Shipping described as five months of unsuccessful attempts to engage with Genco’s board. In response, it has nominated six independent director candidates for election at Genco’s 2026 annual shareholder meeting, signalling a potential proxy battle.
Genco confirmed it is reviewing the unsolicited bid but reiterated that the $23.50 per share offer remains unchanged from an earlier proposal that its board unanimously rejected. The company said the offer undervalues its business and falls below the market value of its fleet.
According to Genco, mean analyst estimates place its net asset value at approximately $25.80 per share. The company has advised shareholders to take no action while its board prepares a formal recommendation, expected within 10 business days.
The renewed bid sets the stage for a high-stakes contest in the dry bulk shipping sector, as Diana Shipping intensifies efforts to secure shareholder backing despite resistance from Genco’s leadership.