Diana Shipping Urges Genco Shareholders to Reject Poison Pill, Back Nominees Ahead of June 18 Vote
DSX sits 61% above its 52-week low of $1.46.
Summary
Diana Shipping Inc. (DSX) is escalating its proxy fight for Genco Shipping & Trading (GNK), publicly urging Genco shareholders to vote against the company's poison pill and equity incentive plan. Diana is also campaigning for its two board nominees, Jens Ismar and Paul Cornell, to be elected at Genco's annual meeting on June 18. This move follows Genco's rejection of Diana's increased $24.80 per share all-cash tender offer and aligns with Institutional Shareholder Services' (ISS) recommendation against the poison pill. The outcome of this shareholder vote is critical for the viability of Diana's acquisition bid and Genco's future corporate governance.
At the time of this announcement, DSX was trading at $2.35 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $295.3M. The 52-week trading range was $1.46 to $2.92. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.