Diana Shipping launches Genco proxy fight to back $1.4B buyout offer
By Jon CuthbertDiana Shipping (NYSE:DSX) has escalated its takeover bid for Genco Shipping & Trading (NYSE:GNK), reiterating its $23.50 per share all-cash tender offer and initiating a formal proxy contest.
Diana, currently Genco’s largest shareholder, announced plans to run a slate of six independent director nominees at Genco’s upcoming annual meeting on June 18, 2026, aiming to reshape the board and clear a path for the acquisition.
The $23.50 per share offer represents a discount to Genco’s net asset value (NAV), which Diana estimates at approximately $25.40 per share.
However, Diana noted that Genco’s stock has historically traded at a discount of roughly 30% to its NAV.
The bidding company cautioned that Genco's current market value is being propped up primarily by the pending buyout proposal, warning investors that the share price could drop toward $17.50 if the offer is rescinded.
To demonstrate capital readiness for the transaction, Diana confirmed it has secured $1.443 billion in fully committed financing, partially funded through the monetization of its existing equity stake in Genco.
The all-cash tender offer is scheduled to expire on June 2, 2026, unless Diana decides to extend the timeline.
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