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Diana Shipping Inc. Urges Genco Shipping & Trading to Stop Misleading Investors and Engage in Good Faith Negotiations

  • Diana Shipping Inc. terminated its tender offer to acquire Genco Shipping & Trading Limited on July 24, 2026, at 5:00 p.m. New York City time.
  • The offer remains on the table at $27.34 per share, consisting of $24.80 in cash plus one Diana share valued at $2.54.
  • Diana refuted Genco's claim of substantive engagement, stating there has been no meaningful discussion in over five weeks since the June 17, 2026, offer increase.
  • Genco's advisors previously stated they could not provide feedback or counterproposals due to federal tender offer disclosure laws, a stance Diana says Genco contradicted by issuing a misleading press release.
  • Only two calls occurred between advisors: one on July 15 for basic public information and another on July 21 explaining the lack of feedback.
  • As of the offer expiration, 11,778,419 Genco shares (31.6% of non-Diana owned stock) were tendered but will be returned to shareholders.
  • A system error caused by a depositary agency required some previously tendered shares to be withdrawn & re-tendered under a different CUSIP number.
  • Diana's offer represents a 53% premium to Genco's November 21, 2025 closing price & a 16% premium to the June 16, 2026 closing price.
  • Genco's fleet value has declined by approximately 3.4% or $51 million since vessel values peaked on June 3, 2026, due to a softening dry bulk market.
  • Terminating the tender offer removes the legal mechanism Genco cited to avoid substantive negotiations regarding the increased proposal.
  • Diana asserts there are no longer any legal impediments for the Genco Board to engage in direct dialogue regarding the offer.