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.