Diana Shipping Inc. (NYSE: DSX), a global shipping company, has withdrawn its proposal to acquire all outstanding shares of Genco Shipping & Trading Limited (NYSE: GNK) that it does not already own.
The offer, which included $24.80 in cash per share, was retracted due to demands from Genco's Board that Diana believes are unattainable for any credible acquirer.
The Genco Board's requirements, communicated on August 13, 2026, and reiterated in a letter dated August 14, 2026, included $27.50 per share in cash, $2.00 per share in dividends, and three Diana shares per Genco share.
These terms, based on Diana's closing share price of $2.47 on August 13, 2026, imply a total consideration of approximately $36.91 per Genco share, marking a 42 percent premium to Genco's closing price on the same day and a 57 percent premium compared to June 16, 2026.
Diana maintains its belief in the strategic and financial benefits of a merger with Genco but questions the alignment of Genco's Board with its shareholders' interests.
Semiramis Paliou, Diana’s Chief Executive Officer, commented: "After nine months, four increasingly compelling proposals, and every effort a committed acquiror could reasonably make to engage constructively, we are deeply disappointed that the Genco Board's first substantive response is an outrageous demand that, taken together, would give Genco shareholders what they believe to be full NAV in cash while also handing them ownership of approximately 47% of the combined company through three Diana shares per Genco share. "