Diana Shipping has extended its tender offer for Genco Shipping & Trading to July 24, keeping its takeover push alive after securing only a modest increase in shareholder support.
The Athens-based bulker owner said 11.08m Genco shares had been tendered by the July 10 deadline, representing 29.7% of the outstanding stock it does not already own.
That compares with 10.58m shares, or 28.4% of the stock outside Diana’s control, tendered by June 26.
Diana already owns more than 14% of Genco and is the New York-listed company’s largest shareholder.
The latest figures leave it short of the support needed to secure control through the tender process.
The formal tender remains an all-cash offer of $24.80 per share. Diana has separately made a non-binding proposal directly to Genco’s board worth an implied $27.34 per share, comprising $24.80 in cash and one Diana share valued at $2.54.
Genco has stressed that the stock component is not part of the tender offer and has urged shareholders not to tender at $24.80. Its board previously rejected the cash bid, arguing that it undervalues the company and does not include an adequate control premium.
Semiramis Paliou, chief executive officer of Diana, said the transaction would require the two companies and their advisers to enter negotiations.
Diana said the offer is backed by $1.412bn of committed financing from six international banks and carries no financing condition.
The takeover battle has been running for months, with Diana repeatedly raising its bid and taking its case directly to shareholders after failing to win support from Genco’s board.
Genco shareholders handed the incumbent board a decisive victory at the company’s June 18 annual meeting, re-electing all six directors. Genco said nearly 90% of shares voted, excluding Diana’s holding, backed each of its nominees.
Diana has also lined up compatriot owner Star Bulk Carriers to acquire 16 Genco vessels for $470.5m should the takeover go through.
Responding to the latest extension, Genco again urged shareholders not to tender their stock, describing the $24.80 cash offer as inadequate, below the company’s net asset value and lacking a control premium.
Genco also pointed out that Diana has not amended the formal tender to match its separate $27.34 cash-and-stock proposal made directly to the board.
The company said shareholders who have already tendered can withdraw their shares before the offer expires. It also highlighted a projected total dividend of $2.50 per share for 2026, based on fixtures to date and the forward freight curve for the rest of the year.
Genco’s board said it continues to review Diana’s separate indicative and non-binding proposal.
