Diana Shipping has raised its bid to acquire the U.S.-based Genco Shipping & Trading, stepping up pressure on the management of the publicly traded dry bulk shipping company.
Semiramis Palaiou’s company is now offering $24.80 per share, up from the $23.50 it proposed in March and the $20.60 in its initial November offer. At the same time, it extended the public offer to Genco shareholders until June 26, which was originally set to expire on June 2.
Genco’s management, led by CEO John Wobensmith, has so far rejected the previous offers as too low. Diana argues that the new offer provides “attractive value” to the company’s shareholders and is backed by fully committed financing of $1.43 billion led by DNB Carnegie and Nordea.
At the same time, Diana is maintaining pressure on Genco’s board of directors by promoting an alternative slate of candidates for the shareholders’ general meeting on June 18, seeking to pave the way for negotiations regarding the deal.