By Dean Seal
Diana Shipping raised its bid for Genco Shipping & Trading again after the latter company's board unanimously rejected Diana's latest offer earlier this month.
Diana said Wednesday that it would buy the rival dry-bulk shipping company's shares for $27.34 apiece, comprised of $24.80 in cash and one share of Diana, which it values at $2.54, based on the stock's volume-weighted average price for the past 30 days.
The companies have been going back and forth on a potential transaction since last year, when Diana offered to buy Genco at $20.60 a share. It raised the bid to $23.50 a share in March and then again to $24.80 in May.
Genco has repeatedly spurned Diana's advances, saying its bids undervalue the company and its assets.
In connection with its latest offer, Diana is formally requesting that Genco delay its annual meeting, set for Thursday, to give shareholders and board members enough time to evaluate the bid.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
By Dean Seal
Diana Shipping raised its bid for Genco Shipping & Trading again after the latter company's board unanimously rejected Diana's latest offer earlier this month.
Diana said Wednesday that it would buy the rival dry-bulk shipping company's shares for $27.34 apiece, comprised of $24.80 in cash and one share of Diana, which it values at $2.54, based on the stock's volume-weighted average price for the past 30 days.
The companies have been going back and forth on a potential transaction since last year, when Diana offered to buy Genco at $20.60 a share. It raised the bid to $23.50 a share in March and then again to $24.80 in May.
Genco has repeatedly spurned Diana's advances, saying its bids undervalue the company and its assets.
In connection with its latest offer, Diana is formally requesting that Genco delay its annual meeting, set for Thursday, to give shareholders and board members enough time to evaluate the bid.
Genco responded that it would review Diana's revised proposal but also proceed with its annual shareholder meeting, saying that a postponement wouldn't unduly burden shareholders. The meeting isn't a vote on Diana's takeover proposal, the company said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 17, 2026 11:10 ET (15:10 GMT)
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