Why did Genco Shipping (NYSE:GNK) reject Diana Shipping’s offer?

Genco Shipping (NYSE:GNK) rejected the $24.80 per-share offer because it said the bid undervalues the company and does not include an adequate control premium.

What is Diana Shipping offering for Genco Shipping (NYSE:GNK)?

Diana Shipping is offering $24.80 per share in an unsolicited cash tender offer that Genco Shipping (NYSE:GNK) has rejected.

What dividend outlook did Genco Shipping (NYSE:GNK) provide?

Genco Shipping (NYSE:GNK) estimated a Q2 2026 dividend of about $0.70 per share and total 2026 dividends of about $2.50 per share.

Is Genco Shipping (NYSE:GNK) considering other proposals?

Genco Shipping (NYSE:GNK) said it is reviewing Diana Shipping’s earlier nonbinding cash-and-stock proposal from June 17.

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Genco rejects Diana Shipping $24.80 offer

Written by Jon CuthbertPublished Jun 29, 2026, 2:53 PM

Genco Shipping (NYSE:GNK) said its board unanimously rejected Diana Shipping’s $24.80 per-share cash tender offer.
The company said the offer is below the estimated net asset value and lacks a control premium.
Genco highlighted projected 2026 dividends of about $2.50 per share under current freight assumptions.

Genco Shipping & Trading (NYSE:GNK) said its board has unanimously rejected Diana Shipping’s extended unsolicited $24.80 per-share cash tender offer, saying it undervalues the company.

The company said the offer is below its estimated net asset value and does not include a sufficient control premium for shareholders.

Genco also said it is reviewing Diana Shipping’s earlier nonbinding proposal dated June 17, which included a cash-and-stock structure.

The company highlighted its dividend framework, estimating a second-quarter 2026 dividend of about $0.70 per share based on current freight assumptions, representing a 367% year-over-year increase.

Genco said it expects total 2026 dividends of about $2.50 per share, supported by its asset-backed dividend formula tied to shipping market conditions.