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Genco rejects Diana Shipping $24.80 offer
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Genco rejects Diana Shipping $24.80 offer

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  • 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.

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