en.Wedoany.com Reported - Diana Shipping Inc. raised its all-cash acquisition offer for Genco Shipping & Trading Limited to $24.80 per share on Thursday, increasing pressure on Genco's board ahead of a contentious shareholder vote next month.
Diana had previously offered $23.50 per share. The company said the revised offer roughly equals Genco's net asset value and represents a 39% premium over Genco's closing price before Diana first launched its acquisition bid in November 2025.
As Genco's largest shareholder, Diana also extended the tender offer deadline to June 26 and continues to push for the replacement of six members of Genco's board at its annual shareholder meeting on June 18.
The move marks a significant escalation in one of the most closely watched corporate battles in the shipping industry in recent years. The standoff between the two dry bulk operators comes as vessel values remain elevated after years of volatile commodity demand and tight fleet supply.
Diana CEO Semiramis Paliou said in a statement that the increased offer reflects a "sincere commitment" to completing the deal and urged Genco's board to negotiate. She noted that management had previously remained repeatedly silent.
Diana believes its offer provides Genco shareholders with an opportunity to exit near peak dry bulk asset values and warned that if the deal fails to materialize, Genco's stock could fall back to historical discounts relative to net asset value. The company noted that before Diana launched its bid, Genco shares traded at an average 30% discount to net asset value.
The Athens-based shipowner said the offer is fully funded through a $1.433 billion financing package arranged by DNB Carnegie and Nordea, with participation from BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank.
As the acquisition progresses, Diana reported a sharp improvement in first-quarter earnings on Thursday. For the quarter ended March 31, the company posted net profit of $29.1 million, compared to $3 million in the same period last year; earnings per share rose to $0.25 from $0.01 a year earlier.
Despite the earnings jump, Diana maintained a nominal quarterly dividend of $0.01 per share.
The proposed acquisition would merge two major publicly traded dry bulk operators at a time when the industry faces growing uncertainty from Chinese commodity demand, fleet growth, and geopolitical disruptions affecting global trade flows.
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