GNK, DSX Shares Decline After Genco Agrees To Engage With Diana Shipping After Rejecting Its Initial Offer

• Earlier this month, Diana Shipping proposed to acquire all of the outstanding shares of Genco it doesn’t already own for $23.50 per share in cash.
• Diana said the offer represents a 31% premium to Genco’s closing share price as of Nov. 21.
• Diana on Friday has said that it will move ahead with its effort to elect a slate of candidates to the board of Genco Shipping.

Genco Shipping & Trading (GNK) said on Friday that its board remains open to engaging with Diana Shipping (DSX) upon receipt of an offer that appropriately reflects Genco’s intrinsic value and upside potential of the Genco business. 

Genco Shipping had rejected a revised takeover proposal from Diana Shipping on Thursday, saying that the revised offer was substantially below Genco’s intrinsic value, especially in light of its superior returns, and premium earning assets. 

Shares of GNK and DSX were down 3% and 4.8% respectively at the time of writing. 

Diana’s New Offer

Earlier this month, Diana Shipping proposed a cash acquisition of the outstanding shares of Genco it doesn’t already own for $23.50 per share. Diana said the offer represents a 31% premium to Genco’s closing share price as of Nov. 21, the last trading day before it first offered to buy the company. 

“Rather than constructively engage with Diana regarding our premium proposal, the Genco Board has for the second time dismissed it without seeking any clarification,” said Semiramis Paliou, Diana’s Chief Executive Officer on Friday. 

Diana’s Proxy Fight

Diana will move ahead with its effort to elect a slate of candidates to Genco’s board after the company rejected Diana's increased acquisition offer, it said in a statement on Friday. 

“Genco’s actions lead us to conclude that this Board and management team are more focused on entrenching themselves than maximizing value for their shareholders. We, therefore, have no choice but to proceed with our effort to elect to the Genco Board independent directors who will act in the best interest of all shareholders by exploring all meaningful opportunities for value creation,” Paliou added. 

How Did Stocktwits Users React?

Retail sentiment around Genco and Diana shares trended in ‘neutral’ and ‘bearish’ territories respectively.

Shares of GNK and DSX have jumped 19.3% and 38% respectively, so far in 2026.

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