お知らせ • Jun 02
Diana Shipping Inc. (NYSE:DSX) terminated the acquisition of the remaining 85.6% stake in Genco Shipping & Trading Limited (NYSE:GNK) from Kibo Investments Pte. Ltd, BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others.
Diana Shipping Inc. (NYSE:DSX) proposed to acquire the remaining 85.6% stake in Genco Shipping & Trading Limited (NYSE:GNK) from Kibo Investments Pte. Ltd, BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others for approximately $960 million on November 24, 2025. As of March 6, 2026, Diana Shipping has raised its offer to acquire Genco Shipping & Trading to $23.50 per share. As of May 27, 2026, Diana Shipping has raised its offer to acquire Genco Shipping & Trading to $24.80 per share. Diana has obtained $1.433 billion in fully committed financing arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank, $331 million relates to a voluntary refinancing of Diana's existing debt.
John C. Wobensmith currently serves as both Chairman and Chief Executive Officer of Genco. All Board committees are chaired by long-tenured directors with ties to John C. Wobensmith, including Basil G. Mavroleon (a Genco Board member since 2005), who serves as Chair of the Compensation Committee. Six independent director candidates nominated to replace the current Genco Board are Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes.
The transaction is subject to approval of offer by Diana board, consummation of due diligence investigation, definitive agreement, minimum tender condition, poison pill removal condition, and affiliate transaction condition. The deal has been unanimously approved by the Diana board. As of March 19, 2026, Genco Board of Directors unanimously rejected Diana Shipping Inc.’s revised, non-binding indicative proposal to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. A special committee of independent directors reviewed the proposal with the assistance of external financial and legal advisors. Based on the recommendation of the special committee, the Board determined that the proposal substantially undervalues Genco, fails to provide an appropriate premium to Genco shareholders and presents execution risks. The Board remains open to engaging with Diana upon receipt of an offer that appropriately reflects Genco’s intrinsic value and upside potential in a strengthening market. As of May 4, 2026, Diana Shipping Inc. commenced a tender offer to purchase all outstanding shares of Genco common stock for $23.50 per share in cash. The offer is being made directly to Genco shareholders. The offer is scheduled to expire at 5:00 p.m., New York City time, on June 2, 2026, unless extended, and the Annual Meeting is on June 18, 2026. On May 15, 2026, Genco announced that its Board of Directors unanimously rejected the unsolicited tender offer from Diana Shipping for $23.50 per share in cash and recommended that shareholders reject the offer and not tender their shares. In connection with the increased offer as of May 27, 2026, Diana has extended the expiration of its tender offer for all the outstanding shares of Genco to 5:00 p.m., New York City time, on June 26, 2026, unless further extended.
DNB Carnegie acted as financial advisor for Diana Shipping Inc. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor for Diana Shipping Inc. Seward & Kissel LLP acted as legal advisor for Diana Shipping Inc. Jefferies LLC is acting as financial advisor and fairness opinion provider to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC acted as financial advisor and fairness opinion provider to Genco Board of Directors. MacKenzie Partners, Inc. acted as information agent for Genco.
Diana Shipping Inc. (NYSE:DSX) terminated the acquisition of the remaining 85.6% stake in Genco Shipping & Trading Limited (NYSE:GNK) from Kibo Investments Pte. Ltd, BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others on June 2, 2026. The Genco Board has determined the offer is inadequate and not in the best interest of its shareholders. The offer is well below Genco’s mean and median analyst consensus NAV, which has increased to $26.66 and $27.10, respectively, in a period of rising asset values across the industry and does not include a control premium. Genco’s Board reiterates its willingness to meet again with Diana if and when they submit an offer that adequately compensates shareholders.