Genco Shareholders Back Poison Pill Amid Diana Shipping Takeover Bid
GNK sits 89% above its 52-week low of $12.835.
Summary
Genco Shipping shareholders have preliminarily backed the ratification of a shareholder-rights agreement, a key anti-takeover defense. This development strengthens Genco's board in its ongoing battle against Diana Shipping's hostile acquisition attempt. Diana Shipping (DSX) recently increased its all-cash offer to $27.34 per share, which Genco's board has consistently rejected. This shareholder support makes it more difficult for Diana Shipping to complete the acquisition without further increasing its bid or changing its strategy.
At the time of this announcement, GNK was trading at $24.29 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. 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 8 out of 10. Source: Dow Jones Newswires.