Genco board rejects Diana Shipping $24.80 tender offer
By Brie Carter- Genco Shipping & Trading rejected an extended tender offer from Diana Shipping to acquire all outstanding shares.
- The board stated the $24.80 per share proposal undervalues the enterprise and falls below net asset value.
- The company forecasts its internal dividend formula could produce an estimated $2.50 per share payout in 2026.
Genco Shipping & Trading (NYSE:GNK) rejected a $24.80 per share offer from Diana Shipping (NYSE:DSX), stating it undervalues the business.
The board determined the revised bid falls below net asset value and excludes a control premium for existing investors.
According to the company, the active tender documents present lower terms than a separate non-binding proposal submitted for review.
Management stated its internal dividend formula could produce an estimated $2.50 per share payout in 2026 based on forward curves.
Following the announcement, Genco Shipping & Trading's share price was up at $25.70.
The company urged investors to withhold shares while noting previously tendered stock can be withdrawn before the official expiration.
The board continues to independently evaluate the separate indicative proposal against its internal capital return framework.
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