Diana Shipping Inc. (“Diana”), a global dry bulk shipping company, issued a statement following the response from the Board of Directors of Genco Shipping & Trading Limited (“Genco”).
Firstly, Diana owns approximately 14.8% of Genco’s outstanding common shares. The Company confirmed it received a letter from Genco’s Board rejecting Diana’s non-binding proposal to acquire all outstanding Genco shares not already owned by Diana. The proposal offered $20.60 per share in cash.
Diana disclosed the proposal publicly on November 24, 2025. The Genco Board took more than six weeks to respond. During that time, the Board did not engage with Diana, request clarification, or seek discussions. The Board ultimately rejected the proposal without dialogue.
Diana believes the offer delivers immediate and certain value to Genco shareholders. The all-cash proposal represents a 23% premium to Genco’s 30-day and 90-day VWAP ending November 21, 2025. It also reflects a 15% premium to Genco’s closing share price on November 21, 2025. The offer represents a 21% premium to the share price on July 17, 2025, when Diana first disclosed its ownership stake. The price aligns with Genco’s 10-year high share price, adjusted for dividends.
The proposal is supported by a highly confident financing letter from DNB Bank and Nordea Bank. The banks have committed to lead financing of up to $1.102 billion. The financing would fund the full acquisition price, refinance Genco’s existing debt, and cover transaction costs.
In its response, the Genco Board suggested that Genco could acquire Diana. The suggestion included no information on price, structure, cash or stock consideration, or premiums. The company believes this suggestion lacks substance and does not allow for proper evaluation. Diana views it as a distraction from its fully defined proposal.
Diana has repeatedly sought constructive engagement with Genco’s Board. Its proposal includes clear financial and structural terms. It provides Genco shareholders with immediate liquidity at a premium.
Diana Chief Executive Officer Semiramis Paliou said, “We are deeply disappointed that Genco’s Board rejected our proposal without engagement, despite our clear willingness to discuss it. The Board raised questions about structure, value, and execution certainty. We are ready to address those questions directly.”
Ms. Paliou added, “We welcome Genco’s recognition of the strategic logic behind industry consolidation. We continue to believe our all-cash proposal offers the best path forward. We remain open to dialogue and encourage the Board to engage in good faith.”
Diana’s Board is evaluating all available options to advance its acquisition proposal.
Lastly, Genco’s response letter will be filed with the U.S. Securities and Exchange Commission as an exhibit to Diana’s Schedule 13D related to its ownership of Genco shares.
