GNK News & Events

Genco Shipping & Trading (GNK) confirmed that Diana Shipping (DSX) has announced a revised tender offer to acquire all outstanding common shares of Genco not already owned by Diana at a price of $24.80 per share in cash. "Genco's Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the revised tender offer to determine the course of action that it believes is in the best interests of the Company and all shareholders, consistent with the Board's fiduciary duties. As previously disclosed, the Genco Board has reviewed and unanimously rejected prior proposals from Diana, including proposals at $20.60 and $23.50 per share and a prior tender offer at the same $23.50 per-share price. The revised tender offer is under consideration by Genco's Board. Genco will issue its formal recommendations to shareholders regarding Diana's revised tender offer by filing with the U.S. Securities and Exchange Commission an amended recommendation statement on Schedule 14D-9," the company stated.

Diana Shipping (DSX), the largest shareholder of Genco Shipping (GNK), announced that it has increased its previously announced offer to purchase all outstanding shares of common stock of Genco to $24.80 per share in cash from $23.50 per share in cash. In connection with the increased offer, Diana has extended the expiration of its tender offer for all the outstanding shares of Genco to 5:00 p.m., New York City time, on June 26, unless further extended. The terms of the offer are substantially similar in all other respects unless Genco declares a cash dividend or other distribution on the Genco shares with a record date prior to Diana's purchase of the shares, in which case the offer price will be reduced by the amount payable per share.

Genco Shipping & Trading (GNK) released a presentation setting the record straight on the numerous inaccurate statements in the May 19 investor presentation of Diana Shipping (DSX). Genco issued the following statement: "Diana's May 19 investor presentation was filled with misleading statements and falsehoods in an effort to advance its agenda to take over Genco on the cheap. Diana's presentation is nothing more than myths and distortions of the same kind it's been spreading throughout its entire hostile takeover campaign."