Diana Shipping Extends $24.80 Tender for Genco, Narrows Board Nominee Slate to Two
GNK sits 87% above its 52-week low of $12.835.
Summary
Diana Shipping has extended its $24.80 per share cash tender offer for Genco Shipping & Trading. This follows Genco's board unanimously rejecting the same $24.80 offer on June 2nd, which was initially made on May 27th. In a related move, Diana Shipping has narrowed its slate of board nominees for Genco's proxy contest to two candidates. This keeps the hostile takeover bid active and signals a strategic shift in Diana Shipping's efforts to gain control of Genco's board. The ongoing M&A battle remains a highly material event for Genco shareholders.
At the time of this announcement, GNK was trading at $24.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1B. The 52-week trading range was $12.84 to $27.25. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.