{"id":963405,"date":"2026-05-15T06:59:10","date_gmt":"2026-05-15T10:59:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/"},"modified":"2026-05-15T06:59:10","modified_gmt":"2026-05-15T10:59:10","slug":"genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/","title":{"rendered":"Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer"},"content":{"rendered":"
\n

\n Offer Price is Unchanged from Prior Inadequate Proposal \u2013 Continues to Undervalue Genco\u2019s Assets and Business, Fails to Provide Control Premium<\/em>\n <\/p>\n

\n Genco Board Recommends Shareholders NOT Tender Their Shares Into Diana\u2019s Offer<\/em>\n <\/p>\n

\n Urges Shareholders to Vote the WHITE Proxy Card FOR Genco\u2019s Directors<\/em>\n <\/p>\n

\n Additional Information Available at\u00a0<\/em>
\n
\n www.GencoDrivesSuperiorReturns.com<\/em>
\n <\/a>\n <\/p>\n

NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (\u201cGenco\u201d or the \u201cCompany\u201d), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that its Board of Directors unanimously rejected the unsolicited tender offer (the \u201cOffer\u201d) from Diana Shipping Inc. (\u201cDiana\u201d) to acquire all outstanding shares of Genco common stock for $23.50 per share in cash.<\/p>\n

The Board, after consultation with its external financial and legal advisors, unanimously determined that the Offer meaningfully undervalues Genco\u2019s assets and business, does not provide a control premium and is not in the best interests of Genco shareholders. Genco notes that Diana\u2019s Offer price remains unchanged from its inadequate March 2026 proposal, which the Board previously rejected. Accordingly, the Board recommends that shareholders not tender any of their shares into the Offer.<\/strong><\/p>\n

Genco issued its formal recommendation in a Solicitation\/Recommendation Statement on Schedule\u00a014D-9\u00a0filed today with the U.S.\u00a0Securities and Exchange Commission (\u201cSEC\u201d). As detailed in the filing, the reasons for the Genco Board\u2019s recommendation to reject Diana\u2019s Offer include:<\/p>\n

    \n
  1. \n The Offer meaningfully undervalues Genco by failing to reflect the full value of Genco\u2019s assets and business and does not include a control premium. <\/strong>Genco has been delivering strong, consistent financial results and substantial shareholder returns through the successful execution of its Comprehensive Value Strategy. Diana\u2019s grossly inadequate Offer is well below Genco\u2019s net asset value (NAV). Current mean analyst NAV estimate is $26.54 and the current median estimate is $26.80 in a period of rising asset values across the industry.1<\/sup> The Offer also fails to provide an appropriate control premium.<\/p>\n<\/li>\n
  2. \n The Genco Board believes that continuing to pursue its standalone plan will deliver substantially greater value for Genco shareholders than the Offer. <\/strong>Genco has built a differentiated drybulk company with premium-earning assets and a strong financial position. Genco is exceptionally positioned to capture value from a strengthening drybulk market. Genco\u2019s strategic decisions have led to superior performance and returns and allow Genco to capture future upside. The Board firmly believes that shareholders should not accept Diana\u2019s Offer, which is below NAV and less than our current stock price. <\/p>\n<\/li>\n
  3. \n The Offer is another tactic in Diana\u2019s attempts to acquire Genco on the cheap for the benefit of Diana and not Genco\u2019s shareholders. <\/strong>In addition to the Offer, to support its takeover attempt, Diana has rapidly acquired shares, made inadequate acquisition proposals and nominated handpicked director nominees to replace the entire Genco Board. These nominees are tied to Diana and may take actions that are not in the best interest of Genco shareholders. In contrast, Genco\u2019s highly-qualified directors have a track record of generating meaningful returns and value for Genco shareholders \u2013 they are architects of the Comprehensive Value Strategy that has delivered superior returns, compelling dividends and disciplined capital allocation across drybulk market cycles.<\/p>\n<\/li>\n
  4. \n The quantity and nature of the conditions to the Offer create significant uncertainty and risk. <\/strong>The Offer is subject to a significant number of conditions in favor of Diana, many of which are outside the control of Genco and create uncertainty around the likelihood that Diana will consummate the Offer.<\/p>\n<\/li>\n
  5. \n The Genco Board considered the fact that, on May 13, 2026, each of Jefferies and Morgan Stanley rendered an oral opinion to the Board and Strategic Committee, subsequently confirmed in writing, that, as of the date of such opinion and based upon and subject to the various assumptions, qualifications, limitations and other matters described in the respective written opinions, the consideration pursuant to the offer was inadequate from a financial point of view to Genco\u2019s shareholders (other than Diana and its affiliates).<\/strong> The full text of the written opinions, dated May 13, 2026, which set forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken with such opinions, are attached as Exhibits (a)(16) and (a)(17) to Genco\u2019s Schedule 14D-9. Jefferies and Morgan Stanley provided their respective opinions for the information and assistance of the Board and Strategic Committee in connection with their consideration of the Offer. The opinions of Jefferies and Morgan Stanley are not a recommendation as to whether or not any shareholders should tender their shares in connection with the Offer or with respect to any other matter.<\/li>\n<\/ol>\n

    The Schedule\u00a014D-9\u00a0filing and other materials related to the unsolicited tender offer\u00a0\u2014\u00a0including copies of Genco\u2019s correspondence with Diana \u2014\u00a0have been filed with the SEC and are available at\u00a0www.GencoDrivesSuperiorReturns.com<\/a>.<\/p>\n

    Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board.<\/p>\n

    \n About Genco Shipping & Trading Limited<\/strong>\n <\/p>\n

    Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. Genco\u2019s fleet consists of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt.<\/p>\n

    \n Forward-Looking Statements<\/strong>\n <\/p>\n

    This communication contains statements that may constitute forward-looking statements. These statements include, but are not limited to: statements related to the Company\u2019s views and expectations regarding Diana Shipping Inc.\u2019s unsolicited tender offer; any statements relating to the plans, strategies and objectives of management or the Company\u2019s Board for future operations and activities; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on the Company and its financial performance; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as \u201canticipate,\u201d \u201cbudget,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management\u2019s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) the Company\u2019s plans and objectives for future operations; (ii) that any transaction based on Diana\u2019s non-binding indicative proposal or otherwise may not be consummated at all; (iii) the ability of Genco and its shareholders to recognize the anticipated benefits of any such transaction; (iv) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; and (v) other factors listed from time to time in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent reports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.\u00a0 As a result, the amount of dividends actually paid may vary. In addition, the forward-looking statements included in this communication represent the Company\u2019s views as of the date of this communication and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company\u2019s views as of any date subsequent to the date of this communication.<\/p>\n

    \n Important Information for Investors and Shareholders<\/strong>\n <\/p>\n

    This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The Company has filed a solicitation\/recommendation statement on Schedule 14D-9 with the SEC (available here<\/a>). Any solicitation\/recommendation statement filed by the Company that is required to be mailed to shareholders will be mailed to shareholders. THE COMPANY\u2019S INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY\u2019S SOLICITATION\/RECOMMENDATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of the solicitation\/recommendation statement on Schedule 14D-9, any amendments or supplements thereto and other documents filed by the Company with the SEC at no charge at the SEC\u2019s website at www.sec.gov. Copies will also be available at no charge by clicking the \u201cSEC Filings\u201d link in the \u201cFinancials\u201d section of the Company\u2019s investor relations website at https:\/\/investors.gencoshipping.com\/, or by contacting Peter Allen as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.<\/p>\n

    \n Important Additional Information and Where to Find It<\/strong>\n <\/p>\n

    The Company has filed a definitive proxy statement on Schedule 14A, an accompanying WHITE<\/u><\/strong> proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company\u2019s shareholders for the Company\u2019s 2026 Annual Meeting of Shareholders. THE COMPANY\u2019S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY\u2019S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE<\/u><\/strong> PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE<\/u><\/strong> proxy card, any amendments or supplements to the definitive proxy statement, and other documents that the Company files with the SEC at no charge from the SEC\u2019s website at www.sec.gov<\/a>.\u00a0Copies will also be available at no charge by clicking the \u201cSEC Filings\u201d link in the \u201cFinancials\u201d section of the Company\u2019s investor relations website at https:\/\/investors.gencoshipping.com\/<\/a>.<\/a><\/p>\n

    \n Investor Contact<\/strong>\n <\/p>\n

    Peter Allen
    Chief Financial Officer
    Genco Shipping & Trading Limited
    (646) 443-8550<\/p>\n

    \n Media Contact<\/strong>\n <\/p>\n

    Leon Berman
    IGB Group
    (212) 477-8438
    lberman@igbir.com<\/a><\/p>\n

    ____________________________<\/p>\n

    \n 1<\/sup> Calculated based on NAV estimates published by SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto.<\/p>\n

    \"\"
    \n
    \n \"\"\n <\/div>\n

    <\/div>\n","protected":false},"excerpt":{"rendered":"

    Offer Price is Unchanged from Prior Inadequate Proposal \u2013 Continues to Undervalue Genco\u2019s Assets and Business, Fails to Provide Control Premium Genco Board Recommends Shareholders NOT Tender Their Shares Into Diana\u2019s Offer Urges Shareholders to Vote the WHITE Proxy Card FOR Genco\u2019s Directors Additional Information Available at\u00a0 www.GencoDrivesSuperiorReturns.com NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (\u201cGenco\u201d or the \u201cCompany\u201d), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that its Board of Directors unanimously rejected the unsolicited tender offer (the \u201cOffer\u201d) from Diana Shipping Inc. (\u201cDiana\u201d) to acquire all outstanding shares of Genco common stock for $23.50 per share in cash. The Board, after consultation with its … <\/p>\n

    Continue reading “Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-963405","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGenco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Offer Price is Unchanged from Prior Inadequate Proposal \u2013 Continues to Undervalue Genco\u2019s Assets and Business, Fails to Provide Control Premium Genco Board Recommends Shareholders NOT Tender Their Shares Into Diana\u2019s Offer Urges Shareholders to Vote the WHITE Proxy Card FOR Genco\u2019s Directors Additional Information Available at\u00a0 www.GencoDrivesSuperiorReturns.com NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (\u201cGenco\u201d or the \u201cCompany\u201d), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that its Board of Directors unanimously rejected the unsolicited tender offer (the \u201cOffer\u201d) from Diana Shipping Inc. (\u201cDiana\u201d) to acquire all outstanding shares of Genco common stock for $23.50 per share in cash. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/","og_locale":"en_US","og_type":"article","og_title":"Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer - Market Newsdesk","og_description":"Offer Price is Unchanged from Prior Inadequate Proposal \u2013 Continues to Undervalue Genco\u2019s Assets and Business, Fails to Provide Control Premium Genco Board Recommends Shareholders NOT Tender Their Shares Into Diana\u2019s Offer Urges Shareholders to Vote the WHITE Proxy Card FOR Genco\u2019s Directors Additional Information Available at\u00a0 www.GencoDrivesSuperiorReturns.com NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (\u201cGenco\u201d or the \u201cCompany\u201d), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that its Board of Directors unanimously rejected the unsolicited tender offer (the \u201cOffer\u201d) from Diana Shipping Inc. (\u201cDiana\u201d) to acquire all outstanding shares of Genco common stock for $23.50 per share in cash. The Board, after consultation with its … Continue reading \"Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-15T10:59:10+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMTE3NyM3NjA1NDI2IzIwMDgxOTU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer","datePublished":"2026-05-15T10:59:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/"},"wordCount":1879,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMTE3NyM3NjA1NDI2IzIwMDgxOTU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-board-of-directors-unanimously-rejects-diana-shippings-unsolicited-tender-offer\/","name":"Genco Shipping & Trading Limited Board of Directors Unanimously Rejects Diana Shipping\u2019s Unsolicited Tender Offer - 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