Diana Shipping, owned by Semiramis Palaiou, has raised its takeover bid for the second time in six months, now offering $24.80 per share in cash, up from $23.50 in March and $20.60 in its initial proposal in November.
However, Genco’s board of directors maintains that the offer remains below the company’s net asset value (NAV), which, according to the average analyst estimate, stands at $26.66 per share, and does not include a control premium.
Genco accuses Diana of attempting to gain control of the company without paying the full price commensurate with its value, at a time when efforts are underway to replace the entire board of directors through the shareholders’ general meeting on June 18.
For her part, Semiramis Palaiou insists that the proposal offers significant value to shareholders and calls on Genco’s management to engage in meaningful dialogue to reach an agreement.