Shipping

Diana Reaffirms Offer to Acquire Genco After Losing Proxy Fight

Diana Shipping reconfirmed its commitment to acquire Genco after losing a proxy fight to place two new directors on the board. The day before the shareholder meeting, Diana increased its offer to $24.80 in cash per share plus one Diana share (trading at approximately $2.10), representing a 53 percent premium to the share price before November and a six percent premium to Genco's net asset value. Genco's board said it would carefully review the revised non-binding proposal while highlighting management's actions to grow premium earning assets and increase dividend capacity.