Diana keeps pressure on Genco with tender extension

Diana Shipping Diana Shipping has extended its hostile tender offer for Genco Shipping & Trading, keeping alive one of dry bulk’s most closely watched takeover battles. The Semiramis Paliou-led bulker owner said the offer will now expire on July 18, giving Genco shareholders more time to tender their shares into a proposal that has repeatedly been rejected by the New York-listed target’s board. Diana’s latest bid values Genco at $27.34 per share, comprising $24.80 in cash and one Diana share. The company said around 10.5m Genco shares had been tendered as of June 26, representing about 28.4% of the outstanding shares not already owned by Diana. The offer is backed by a $1.433bn fully underwritten financing package arranged by DNB Carnegie and Nordea, with participation from a group of international banks. Diana has also lined up Star Bulk Carriers to acquire 16 Genco vessels for $470.5m if the transaction proceeds. Genco’s board has previously rejected Diana’s approaches, arguing that the bid undervalues the company and does not reflect an adequate control premium. Diana, in turn, has accused Genco of refusing meaningful engagement and has pushed ahead with a proxy contest. The fight has become a test of shareholder appetite for consolidation in a dry bulk market where asset values remain firm and public company valuations continue to divide boards and investors. Sam Chambers Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune. Read Next July 1, 2026 CMA CGM buys FedEx logistics arm in $1.4bn US push July 1, 2026 Norwegian firm scores O&M deal for Poland’s first offshore wind farm July 1, 2026 COSCO orders 24 bulkers in $1.27bn leasing play July 1, 2026 Mercuria and Eni form global energy trading venture July 1, 2026 Alcoa moves for South32 aluminium assets Back to top button