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Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping's Revised, Unsolicited Tender Offer

  • Genco Shipping & Trading Limited's Board of Directors unanimously rejected Diana Shipping Inc.'s revised unsolicited tender offer to acquire shares for $24.80 in cash.
  • The Board determined the $24.80 offer undervalues Genco's assets, falls below the current mean analyst net asset value (NAV) estimate of $26.66 and median estimate of $27.10, and lacks an appropriate control premium.
  • Financial advisors Jefferies & Morgan Stanley issued opinions stating the consideration offered is inadequate from a financial perspective for shareholders other than Diana & its affiliates.
  • Genco's Board recommends shareholders NOT tender their shares into the revised offer & urges them to vote "FOR" the reelection of the six incumbent directors while voting "AGAINST" Diana's proposals.
  • Genco stated it remains open to meeting with Diana if the acquirer submits a new offer that compensates shareholders for full underlying NAV & includes a control premium reflecting the company's industry-leading platform.
  • The Board criticized Diana's approach as a pattern of attempting to gain control without paying full fair value, citing a prior proxy contest & an inadequate offer.
  • Genco highlighted its strong momentum, execution of a Comprehensive Value Strategy, & position to deliver superior returns in a rising drybulk market.
  • A letter sent to Diana's leadership on June 2, 2026, reiterated the Board's stance & warned against false claims that the $24.80 offer equals 1.0x NAV.
  • Detailed information regarding the Board's recommendation is available in Genco's Schedule 14D-9 amendment filed with the SEC.