The vote at the general meeting resulted in a clear victory for Genco’s current management, as the six incumbent directors were re-elected with percentages approaching 90% of the votes not controlled by Diana. At the same time, shareholders also approved the so-called “poison pill,” a protective mechanism that prevents Diana from increasing its stake above 15%.
However, the Greek company does not appear willing to give up the fight. Diana Shipping’s CEO, Semiramis Palaiou, emphasized that the outcome of the vote does not diminish the company’s commitment to acquiring Genco, arguing that the proposal offers significant value to the American company’s shareholders.
Diana has already submitted four acquisition proposals, with the latest valuing Genco at $27.34 per share, combining cash and Diana’s own shares. According to the Greek side, the offer represents a 53% premium over the share price prior to the start of the process and is backed by fully secured financing of $1.43 billion from six international banks.
“Our door remains open,” said Semiramis Palaiou, calling on Genco’s management to give the proposal serious consideration and to begin discussions toward an agreement that, she argues, could create significant value for all shareholders.