Diana Shipping Sweetens Unsolicited Genco Takeover Bid to $24.80/Share
GNK sits 86% above its 52-week low of $12.66 on light trading volume (0.4× avg).
Summary
Diana Shipping has submitted a revised, unsolicited tender offer to acquire Genco Shipping & Trading for $24.80 per share in cash. This marks an increase from Diana's previous $23.50 per share offer, which Genco's board had unanimously rejected. The new offer escalates the ongoing hostile takeover attempt, where Diana Shipping is also seeking to elect new directors to Genco's board. Genco's Board of Directors will now review this latest proposal, and shareholders are advised not to take action yet. Genco will file an amended Schedule 14D-9 with its formal recommendations.
At the time of this announcement, GNK was trading at $23.60 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1B. The 52-week trading range was $12.66 to $27.25. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.