Diana Shipping Raises All-Cash Offer for Genco to $24.80 Per Share
DSX has more than doubled off its 52-week low of $1.38 on elevated volume (2.1× avg).
Summary
Diana Shipping Inc. has increased its all-cash offer to acquire Genco Shipping & Trading to $24.80 per share. This marks an escalation in the ongoing unsolicited acquisition attempt, following Genco's rejection of Diana Shipping's previous $23.50 per share offer in March. Diana Shipping had also launched a tender offer in early May and issued a public warning to Genco shareholders. The higher bid demonstrates Diana Shipping's strong commitment to the acquisition, potentially increasing pressure on Genco's board and shareholders.
At the time of this announcement, DSX was trading at $2.88 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $336M. The 52-week trading range was $1.38 to $2.92. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.