DSX News & Events

Genco Shipping & Trading (GNK) announced that its Board of Directors unanimously rejected the unsolicited tender offer from Diana Shipping (DSX) to acquire all outstanding shares of Genco common stock for $23.50 per share in cash. The Board, after consultation with its external financial and legal advisors, unanimously determined that the Offer meaningfully undervalues Genco's assets and business, does not provide a control premium and is not in the best interests of Genco shareholders. Genco notes that Diana's Offer price remains unchanged from its inadequate March 2026 proposal, which the Board previously rejected. Accordingly, the Board recommends that shareholders not tender any of their shares into the Offer.

Genco Shipping (GNK) issued the following communication to shareholders: "Diana Shipping (DSX) has made numerous false, misleading and unsubstantiated claims as part of its hostile campaign to take over Genco on the cheap. Do NOT be fooled. Diana is making these statements to distract from the simple truth: Diana is trying to take control of your company without paying full and fair value for doing so. Genco shareholders should have the facts about our highly qualified Board of Directors, our commitment to strong governance and our Comprehensive Value Strategy, which is driving strong returns and creating shareholder value. Shareholders also need to understand the facts about Diana and the risks of putting their unfit handpicked nominees on the Genco Board. We urge you to rely on the facts and ignore Diana's myths. Vote the WHITE proxy card today "

Genco Shipping & Trading (GNK) confirmed that Diana Shipping (DSX) has commenced a conditional, unsolicited tender offer to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. "Diana's offer price is unchanged from its inadequate March 6, 2026 proposal to acquire all of the outstanding shares of Genco for $23.50 per share in cash. At that time, Genco's Board reviewed that proposal with the assistance of external financial and legal advisors and unanimously rejected it, determining that the proposal substantially undervalued the Company, was below the market value of Genco's shipping assets (or NAV) and failed to provide an appropriate premium for control of the Company. Genco's mean sell-side analyst NAV estimate is currently $25.80 and the median estimate is $26.50 in a period of rising asset values across the industry. The tender offer is under consideration by Genco's Board. Genco will issue its formal recommendations to shareholders regarding Diana's tender offer within 10 business days by filing with the U.S. Securities and Exchange Commission a recommendation statement on Schedule 14D-9. Genco shareholders are advised not to take any action at this time regarding the tender offer," Genco stated.

Diana Shipping (DSX), which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping (GNK), announced that it has commenced a tender offer through its wholly-owned subsidiary, 4 Dragon Merger Sub, to purchase all outstanding shares of Genco common stock at $23.50 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on June 2, unless extended. The company said, "The Offer is being made directly to Genco shareholders after the Genco Board of Directors' five-month refusal to engage on Diana's fully financed, all-cash proposals to acquire Genco. Diana submitted its initial proposal of $20.60 per share on November 24, 2025, and increased it to $23.50 per share on March 6, 2026. The Genco Board rejected both proposals without any engagement - a pattern of entrenchment designed to protect the Board and management's roles and pay packages at the expense of shareholders." The offer is not subject to any financing condition. Diana has obtained $1.43B in fully committed financing arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. Diana has also entered into a definitive agreement with Star Bulk Carriers Corp. (SBLK) to sell 16 of Genco's vessels for $470.5M in cash upon completion of the acquisition. Separately, Diana has nominated six independent director nominees - Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes - for election to the Genco board at the 2026 annual meeting of shareholders.