Diana Shipping Inc. Asks: Why Is Genco So Afraid of Diana’s Tender Offer?
The Answer: Because the Genco Board Can’t Take the Heat That Comes with Shareholders Expressing Their Views
Genco Board Has Resorted to Arguing Petty Technicalities Instead of Engaging with Diana
Keeps Making Hollow Claim That Shareholders Will Only Receive $24.80 Per Share if They Tender – The Truth is That Genco Shareholders Will Receive Nothing Because the Genco Board Continues to Maintain Its Poison Pill and Refuses to Negotiate a Value Creating Transaction
Diana’s Tender Offer Provides Shareholders with a Golden Opportunity to Deliver a Clear Message to the Genco Board That They Should Stop Stalling and Start Negotiating Based on Diana’s Latest Proposal: $27.34 Per Share, Comprised of $24.80 in Cash and One Diana Share
Athens, Greece – July 8, 2026 – Diana Shipping Inc. (NYSE: DSX) (“Diana” or “the Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”), today asked Genco shareholders to consider a very simple question:
Why is Genco so afraid of Diana’s tender offer?
The answer is very simple: the Genco Board of Directors (the “Genco Board") knows very well that as more shares are tendered, the Genco Board runs out of excuses and becomes subject to more pressure to negotiate a transaction based on Diana’s increased proposal to acquire the outstanding shares of Genco that it does not already own for $27.34 per share — comprised of $24.80 per share in cash plus one Diana share. That offer was delivered three weeks ago, and the Genco Board has done nothing but delay and make excuses. Stated otherwise, shareholders’ tendering into the tender offer is an indictment of the Genco Board’s complete failure to fulfill their fiduciary duty to engage with Diana in any way regarding a proposed transaction that would deliver premium value.
Instead, Genco has resorted to arguing technicalities. They shamefully tell their shareholders: “If you tender your shares into the tender offer, you would only receive $24.80 per share in cash, assuming the many conditions are met.” What Genco really should tell their shareholders is that if they tender their shares, they will receive nothing. This unfortunate circumstance is due to the Genco’s Board’s insistence on maintaining its poison pill – which prevents Diana from completing a transaction – and refusing to negotiate.
The reality is as follows:
This transaction cannot be completed through a tender offer alone – it will only become reality in a negotiation. That said, Diana’s tender offer is a strong mechanism for Genco shareholders to deliver a powerful message to the Board that was re-elected to serve the interests of all Genco shareholders. That message is to come to the table and negotiate a transaction with Diana on the basis of the latest proposal.
The Genco Board has in its hands a highly attractive offer that deserves a good faith dialogue between Diana, Genco and their respective advisors. For seven months, the Genco Board has gone to extraordinary lengths to avoid this conversation, but now is the time for them to listen to their shareholders, stop stalling and engage with a party that is prepared to pay Genco shareholders full value for their shares at a high-point in shipping cycle. The Genco Board should not let this opportunity slip away.
About Diana Shipping Inc.
Diana Shipping Inc. (“Diana”) (NYSE: DSX) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels...
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