Genco Shipping & Trading announced it is reviewing an unsolicited tender offer from Diana Shipping to acquire all outstanding shares of Genco not already owned by Diana for $23.50 per share in cash.
The company noted that Diana’s offer price is unchanged from its March 6, 2026 acquisition proposal, which Genco’s Board of Directors previously reviewed and unanimously rejected. According to Genco, the board determined the proposal substantially undervalued the company, was below the market value of Genco’s shipping assets, and did not provide an appropriate premium for control of the business.
Genco said its mean sell-side analyst net asset value estimate currently stands at $25.80 per share, while the median estimate is $26.50 per share during what the company described as a period of rising asset values across the shipping industry.
The company added that its board is continuing to evaluate the tender offer and plans to issue a formal recommendation to shareholders within 10 business days through a Schedule 14D-9 filing with the U.S. Securities and Exchange Commission. Genco also advised shareholders not to take any action at this time regarding the offer.
Genco Shipping & Trading is a U.S.-based drybulk shipping company focused on transporting commodities including iron ore, coal, grain, steel products, bauxite, cement, and nickel ore across global shipping routes. The company operates a fleet of 43 vessels with an aggregate capacity of approximately 4.93 million deadweight tons.
KEY QUOTES:
“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.”
Statement From Genco Shipping & Trading Limited
