Genco Board Unanimously Rejects Diana Shipping's Revised Takeover Bid
GNK sits 91% above its 52-week low of $12.66.
Summary
Genco Shipping & Trading's board has unanimously rejected Diana Shipping's latest unsolicited tender offer. This follows Diana Shipping's recent increase of its all-cash offer to $24.80 per share, which was announced last week. The rejection indicates Genco's firm resistance to the takeover, making a successful acquisition by Diana Shipping at the current offer price highly improbable. This move puts Diana Shipping in a position where it must decide whether to sweeten its bid further or walk away from the deal.
At the time of this announcement, GNK was trading at $24.17 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $12.66 to $27.25. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.