Diana terminates Genco offer, maintains $27.34 bid
- Diana terminated its tender offer to force direct negotiations regarding its $27.34 per share acquisition proposal.
- The company stated that 11.77 million shares, or 31.6% of outstanding stock, were tendered before expiration.
- Diana expects the termination to remove alleged legal barriers preventing the Genco board from substantive engagement.
Diana (NYSE:DSX) terminated its tender offer for Genco (NYSE:GNK) to force negotiations regarding its $27.34 per share acquisition proposal.
The acquiring entity stated this termination eliminates previous claims that federal laws prevented the target from direct engagement.
The standing acquisition proposal currently consists of $24.80 in cash and one acquiring company share valued at $2.54.
Before the official July 24 expiration, investors tendered 11,778,419 shares representing 31.6% of the outstanding target stock.
The business previously noted a depositary agency system error may have impacted the final tendered share count.
The company stated that target vessel values have declined by roughly $51 million since peaking in early June.
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