Diana Shipping Sweetens Genco Bid to $27.34/Share with Cash and Stock
Summary
Diana Shipping has significantly increased its offer to acquire Genco Shipping & Trading to $27.34 per share. The revised bid is structured as $24.80 in cash plus one share of Diana Shipping stock. This marks Diana Shipping's latest move in an ongoing hostile takeover attempt, following multiple rejections of previous all-cash offers, including the $24.80 per share bid rejected on June 2nd. The higher offer price and the introduction of a stock component make the acquisition more expensive for Diana Shipping and will result in dilution for existing DSX shareholders, indicating strong determination to secure the deal.
At the time of this announcement, DSX was trading at $2.40 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $284.1M. The 52-week trading range was $1.46 to $2.92. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.