Diana Shipping Escalates Genco Takeover Bid, Calls for Board Replacement After $24.80 Offer Rejection
DSX sits 63% above its 52-week low of $1.46.
Summary
Genco Shipping & Trading has rejected Diana Shipping's latest all-cash tender offer of $24.80 per share, marking the third such rejection. In response, Diana Shipping is escalating its hostile takeover attempt by urging Genco shareholders to vote for six independent director nominees at the upcoming June 18th annual meeting. Diana, which is Genco's largest shareholder, claims Genco's board is refusing engagement and using inconsistent valuation methods. This move signals a full-blown proxy fight, aiming to force Genco to consider the acquisition. The outcome of the June 18th annual meeting will be critical for the future of this M&A battle.
At the time of this announcement, DSX was trading at $2.38 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $294M. The 52-week trading range was $1.46 to $2.92. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.