Genco Shipping & Trading Limited Responds to Diana Shipping Extending its Inadequate $24.80 Unsolicited Tender Offer

AI Summary

Genco Shipping & Trading Limited responded negatively to Diana Shipping’s unsolicited tender offer to acquire outstanding shares at $24.80 each, describing it as inadequate. The dispute highlights ongoing corporate acquisition struggles within the drybulk shipping sector.

Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement regarding Diana Shipping Inc.’s (“Diana”) extension of its inadequate tender offer to acquire all outstanding common shares of Genco not already owned by Diana for $24.80 per share in cash: Diana’s press ...