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Genco Shipping & Trading Rejects Diana Shipping's $23.50/Shr Takeover Offer

March 19, 2026 — 09:03 am EDT

Written by

RTTNews.com for

RTTNews->

(RTTNews) - Genco Shipping & Trading Limited (GNK) said Thursday its board has unanimously rejected a revised takeover proposal from Diana Shipping Inc., saying the offer undervalues the company and carries execution risks.

Diana had proposed to acquire Genco shares it does not already own for $23.50 per share in cash. Genco said the proposal fails to offer an appropriate premium to net asset value, adding that the bidder relied on the lowest analyst NAV estimate rather than Genco's mean analyst NAV estimate of $25.1 per share, which is above the offer amid rising asset values.

The board also raised concerns over the proposed financing, noting a gap between announced funding and committed amounts, as well as plans to sell certain vessels, which it said could reduce shareholder value.

Genco added that it remains open to engaging with Diana if a revised offer better reflects its value and growth potential.

Genco Shipping & Trading shares closed at $22.77 on Wednesday, up 3.45%

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.