Although the previous offers were met with silence, the shipping company Diana Shipping remains persistent. The company has now submitted a new offer to take over its competitor Genco completely.
Diana perseveres: the global shipping company, which specializes in the ownership and bareboat chartering of dry cargo ships, is planning to take over the American company Genco. Diana Shipping is the largest shareholder in the company, which is traded on the New York Stock Exchange.
The shipping company recently submitted an offer of $23.50 per share and appealed to Genco’s shareholders to approve the takeover at the beginning of May. After every attempt by the Greeks to date had gone unanswered, Diana has now increased the offer to $24.80 and also extended the deadline to June 26, 2026, 5 p.m. New York time. The company also reserved the right to further extensions.
“The terms of the offer remain substantially unchanged unless Genco declares a cash dividend or other distribution on the Genco shares with a record date prior to Diana’s acquisition of the shares, in which case the offer price will be reduced by the amount to be distributed per share,” Diana Shipping said.
As if that were not enough, the shipping company is addressing investors directly with an online presentation: Under the domain cashforgenco.com, Diana Shipping lists the reasons in favor of a takeover. These include, among other things:
- A premium of 39% on the closing price of Genco shares on November 21, 2025, the last trading day before the first takeover bid by Diana. In addition, a premium of 48% on the average Genco share price over the previous 30 days.
- A valuation corresponding to around 1.0 times the net asset value (NAV) of Genco.
Genco shareholders are exposed to a “significant downside risk” without Diana’s offer, the shipping company said. “If the transaction does not materialize, Genco’s share price could fall to $18.00 per share if the stock returns to its historical trading level.”
“Outstanding value” for shareholders
“Following discussions we have had with various shareholders, the increased offer we are making today reflects Diana’s sincere commitment to completing a transaction that provides outstanding value to all Genco shareholders,” said Semiramis Paliou, CEO of Diana Shipping. “Our previous offers were invariably met with silence; however, we are confident that Genco’s Board of Directors will now finally come to the table with us to engage in a constructive dialog. This is the path we strongly prefer; however, we have also given Genco shareholders the opportunity to vote for our Board candidates – who we are confident will maximize value – as well as tender their shares. We urge shareholders to act immediately to protect their investments, which are at serious risk without our offer.”
The increased offer is fully funded and unconditional. The $1.433 billion committed financing provided by Diana was arranged by DNB Carnegie and Nordea, with participation from BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank.
The company has already nominated six of its own candidates for Genco’s Board of Directors. All Genco shareholders are being asked to vote for each of these nominees using their proxy and to abstain from voting for the Genco nominees. “In addition, Diana is inviting shareholders to tender their shares in the Diana tender offer at a price of $24.80 per share in cash,” the shipping company added. “The exercise of voting rights and the tender offer are independent of each other – shareholders can and should take advantage of both opportunities.”
Diana’s ambitions have been dragging on for several months. A few weeks ago, Genco responded with a rejection, stating that the offer was “too low” and did not adequately reflect the value of the company. It remains to be seen whether the new offer will now attract a positive response.
