Diana Shipping slams Genco board over third rejection of $24.80 tender offer

Diana Shipping (NYSE:DSX) escalated its hostile takeover campaign for Genco Shipping & Trading (NYSE:GNK), sharply criticizing the Genco board’s third consecutive rejection of its all-cash tender offer and making a direct appeal to shareholders for a sweeping leadership overhaul.

Diana, which operates as a global shipping company specializing in dry bulk vessels and stands as Genco's largest shareholder, recently increased its all-cash offer to $24.80 per share.

Following Genco's swift determination that the amended bid remained financially inadequate, Diana issued public comments accusing the target company's incumbent leadership of entrenched defensive positioning and a total refusal to engage in constructive, good-faith negotiations.

The multi-month corporate conflict is poised to reach a critical head at Genco's upcoming annual meeting of shareholders scheduled for June 18, 2026.

Diana is actively campaigning for Genco investors to utilize its GOLD universal proxy card to elect its own slate of six independent director nominees to replace the current board.

Diana contends that the incumbent directors have spent millions in corporate capital on defensive tactics—such as implementing a shareholder rights plan and adjusting executive severance benefits—rather than maximizing public shareholder value.

Alongside the proxy battle, Diana is pressing shareholders to tender their outstanding stock before the current offer window closes at 5:00 p.m. New York City time on June 26, 2026.

Diana asserts that the $24.80 cash offer represents full net asset value for Genco’s fleet, warning that the target company's stock faces significant downside risk if the transaction fails to cross the finish line.

Conversely, Genco's board has maintained its stance that the offer undervalues the company's underlying assets and fails to provide an appropriate control premium.