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Diana Shipping Inc. Increases All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 Per Share

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  • Diana Shipping Inc. increased its cash tender offer for all outstanding Genco Shipping & Trading Limited shares from $23.50 to $24.80 per share.
  • The tender offer expiration deadline has been extended to 5:00 p.m. New York City time on June 26, 2026.
  • The new offer price represents a 39% premium to Genco's closing price on November 21, 2025, & a 48% premium to its 30-day volume-weighted average price.
  • The offer prices Genco shares at approximately 1.0x its net asset value (NAV) based on cyclically high asset values.
  • Diana's $1.433 billion financing for the offer is fully committed with no financing conditions.
  • Diana urges Genco shareholders to vote the GOLD universal proxy card "FOR" its six independent director nominees & "WITHHOLD" on Genco's current nominees at the June 18, 2026 Annual Meeting.
  • Diana has delivered a draft merger agreement to the Genco Board & expressed willingness to extend the tender offer further if its nominees are elected.
  • If the offer succeeds, Diana intends to complete a second-step merger to acquire remaining shares at the same $24.80 per share price.
  • The offer price will be reduced by the amount of any cash dividend declared by Genco prior to Diana's purchase of the shares.
  • Diana's CEO, Semiramis Paliou, emphasized that the increased offer reflects a genuine commitment to maximizing value & warned of downside risk without the transaction.
  • As of May 27, 2026, Diana beneficially owns approximately 14.4% of Genco's outstanding shares.