Diana Shipping announced that more than 10.58 million Genco shares, corresponding to 28.4% of the shares not already in its possession, have been tendered as part of the public takeover bid. Taking into account the stake of more than 14% that it already holds as Genco’s largest shareholder, the Greek company estimates that total support for its proposal now exceeds 38%.
At the same time, Diana disclosed that it is extending the validity of the public offer until July 11, insisting that the response from investors proves that there is significant interest in reaching an agreement between the two sides.
Diana Shipping’s chief executive officer, Semiramis Paliou, argued that the increased participation of shareholders constitutes a clear message to Genco’s management to begin substantive negotiations, stressing that the company continues to pursue a transaction that will create value for all shareholders.
Genco’s response was immediate and particularly sharp. The American company described Diana’s announcements as “communication games,” noting that the public offer of $24.80 per share has already been unanimously rejected by its board of directors as undervalued.
Genco also reminded that the proposal currently being considered by its board of directors is not the initial offer of $24.80, but the improved non-binding proposal submitted on June 17. The latter maintains the cash consideration of $24.80 per share, but also adds one Diana Shipping share for each Genco share, raising the valuation to approximately $27.34 per share.
Despite the interest generated by the months-long takeover effort, several analysts estimate that the public offer is more symbolic in nature, as completion of the transaction cannot proceed without the removal of the shareholder protection mechanism (“poison pill”) adopted by Genco, which limits Diana’s stake to 15%.
This specific measure was approved again by shareholders at the recent general meeting, while Genco’s management is seeking to strengthen investor confidence by highlighting prospects for a total dividend of up to $2.50 per share during 2026, provided that current estimates for the dry bulk market are confirmed.