Diana Shipping Inc., led by Semiramis Paliou, announced yesterday that it has extended its tender offer to acquire all outstanding Genco shares not already owned by Diana until 5:00 p.m. New York time on July 24, 2026.
As of Friday, July 10, 2026, shareholders had tendered 11,081,926 shares, representing approximately 29.7% of the Genco shares not already owned by Diana.
The tendered shares do not include any of the more than 14% stake in Genco already held by Diana.
Diana’s enhanced proposal, which was submitted directly to Genco’s Board of Directors, remains on the table. The offer values the outstanding Genco shares not already owned by Diana at $27.34 per share, consisting of $24.80 per share in cash plus one Diana share valued at $2.54, based on Diana’s 30-day volume-weighted average share price as of June 16, 2026.
Commenting on the development, Semiramis Paliou, Chief Executive Officer of Diana Shipping, said:
“We are pleased that additional shareholders have tendered their shares, but this transaction cannot be completed through a tender offer alone. To unlock the value of this combination, both our leadership teams and advisers need to engage in good-faith negotiations, with a shared commitment to delivering full value for Genco shares at a high point in the shipping cycle.”
Diana also reiterated that its offer is backed by $1.412 billion in committed financing from six leading international banks, with no financing contingencies.
The proposal represents a 53% premium to Genco’s unaffected share price and a 6% premium to Genco’s net asset value (NAV) per share, based on VesselsValue estimates, at a time when dry bulk asset values are at or near their highest levels in the past 15 years.
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