GlobeNewswire·Jun 17, 2026, 11:00 AM ET

Genco Shipping & Trading Limited Confirms Receipt of Revised Offer from Diana Shipping Inc.

GNK

Genco Shipping & Trading Limited will proceed with its Annual Meeting as scheduled on June 18, 2026, despite Diana Shipping Inc.'s revised unsolicited proposal announced only 24 hours prior.
The Genco Board stated that postponing the meeting would create undue burden on shareholders & emphasized the meeting is for electing directors rather than voting on the takeover proposal.
Genco directors will review Diana's revised non-binding proposal with financial & legal advisors to determine actions in the best interests of shareholders.
Shareholders are urged to vote "FOR" Genco's current directors & "WITHHOLD" from Diana's nominees, citing Diana's nominees' ties to Diana's agenda & lack of fitness to serve.
The proxy voting deadline is set for 11:59 PM ET on the announcement date, June 17, 2026.
Genco's Board recommends voting "FOR" the shareholder rights plan to prevent creeping control by Diana.
MacKenzie Partners, Inc. is acting as Genco's proxy solicitor, while Jefferies LLC serves as financial advisor & Herbert Smith Freehills Kramer (US) LLP & Sidley Austin LLP serve as legal counsel.
Morgan Stanley & Co. LLC is acting as a special advisor to Genco's Board of Directors.
Genco operates a fleet of 43 dry cargo vessels with an average age of 12.6 years & an aggregate capacity of approximately 4,935,000 dwt.
The communication includes forward-looking statements regarding Diana's offer & future operations, noting risks such as the potential non-consummation of any transaction.
Investors are encouraged to read the Schedule 14D-9 solicitation statement & Schedule 14A definitive proxy statement filed with the SEC for complete information.