Diana Shipping has announced, that following nine months of what it called “avoiding engagement,” Genco Board has demanded consideration valued at approximately $36.91 per share — a 57% premium to Genco’s undisturbed
Diana Shipping has announced, that following nine months of what it called “avoiding engagement,” Genco Board has demanded consideration valued at approximately $36.91 per share — a 57% premium to Genco’s undisturbed share price at the time of Diana’s last offer.
“Genco’s demands are completely disconnected from the reality of what a credible buyer could reasonably be expected to pay,” said the company in a statement, announcing the withdrawal of its offer to acquire outstanding shares.
Diana Shipping is a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited.
“Diana continues to have significant conviction in the strategic and financial merits of a combination with Genco, but is withdrawing its offer because the Genco Board has adopted a position that Diana believes no credible acquiror could realistically meet and that raises serious and legitimate questions about whether the Genco Board’s interests remain aligned with those of Genco’s shareholders.”
Genco shareholders deserve to understand why the Genco Board has adopted this position, said Diana Shipping, and how management intends to deliver equivalent or superior value if Genco remains independent.
“The answer to those questions may
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