GlobeNewswire·May 4, 2026, 7:37 AM ET

Diana Shipping Inc. Launches Tender Offer to Acquire All Outstanding Shares of Genco Shipping & Trading for $23.50 Per Share in Cash

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Diana Shipping Inc. commenced a tender offer on May 4, 2026, to purchase all outstanding shares of Genco Shipping & Trading Limited at $23.50 per share in cash.
The Offer was initiated directly with shareholders after the Genco Board refused to engage on fully financed, all-cash proposals over a five-month period.
Diana's initial proposal of $20.60 per share was made on November 24, 2025, and was increased to $23.50 per share on March 6, 2026.
The offer represents a 31% premium to Genco's undisturbed closing price on November 21, 2025, and is priced at approximately 1.0x Net Asset Value based on cyclically high asset values.
The transaction is fully financed with $1.433 billion in committed funding arranged by DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank.
Diana has signed a definitive agreement with Star Bulk Carriers Corp. to sell 16 of Genco's vessels for $470.5 million in cash upon acquisition completion.
The tender offer is scheduled to expire at 5:00 p.m. New York City time on June 2, 2026, unless extended.
Diana has nominated six independent director nominees for election to the Genco Board at the 2026 Annual Meeting to ensure fiduciary obligations are met.
The Offer is conditioned on Genco entering into a definitive merger agreement, shareholder tendering of a majority of shares, termination of Genco's shareholder rights plan, and Genco Board approval of affiliate transactions.
If the Offer succeeds, Diana intends to execute a second-step merger to acquire remaining shares at the same $23.50 per share cash price.
Diana currently owns approximately 14.8% of Genco's outstanding common stock, representing 6,413,151 shares.