Diana Shipping Inc. Raises Offer to Acquire Genco Shipping & Trading to $27.34 Per Share Comprised of $24.80 in Cash and One Diana Share

Diana Shipping Inc. (NYSE: DSX) increased its offer to acquire all outstanding shares of Genco Shipping & Trading Limited (NYSE: GNK) not already owned by Diana to $27.34 per share. The offer consists of $24.80 in cash plus one Diana share, valued at $2.54 based on Diana’s 30-day volume-weighted average price as of June 16, 2026. The revised proposal represents a 53% premium over Genco’s closing share price on November 21, 2025, and a 6% premium to Genco’s net asset value (NAV) per share, according to vessel valuations from VesselsValue. The offer reflects cyclically high drybulk asset values, which are at or near 15-year highs, providing Genco shareholders with immediate cash certainty alongside potential equity participation in the combined company. Diana formally requested that Genco delay its annual meeting, scheduled for June 18, 2026, to allow the board and shareholders time to assess the increased offer. This marks the fourth revised proposal since November 2025, with Diana citing previous rejections without engagement. CEO Semiramis Paliou stated the transaction would create one of the largest drybulk operators globally, offering greater fleet scale, flexibility, and operating leverage. Shareholders would retain exposure to the drybulk market through Diana shares while receiving $24.80 in cash. The combined company’s enhanced market profile could also reduce Diana’s current trading discount to NAV, providing additional upside for shareholders receiving Diana stock. Diana’s management team, including Paliou, plans to maintain existing ownership percentages in Diana through open-market purchases following the transaction’s completion. The company emphasized its commitment to long-term value creation for the combined entity, highlighting the strategic benefits of merging two major players in the drybulk shipping sector.