Diana Shipping Inc. increased its all-cash offer to acquire all outstanding shares of Genco Shipping & Trading Limited not already owned by Diana to $23.50 per share, in partnership with Star Bulk Carriers Corp., supported by $1.433 billion in fully committed financing and a definitive agreement for Star Bulk to acquire 16 Genco vessels for $470.5 million.
Key takeaways
Increased offer to $23.50 per Genco share from prior $20.60, representing 31% premium to November 21, 2025 closing price
Diana owns approximately 14.8% or 6,413,151 shares of Genco
$1.433 billion fully committed financing arranged by DNB Carnegie and Nordea, including DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, Danske Bank
Star Bulk definitive agreement to acquire 16 Genco vessels for $470.5 million cash upon Diana's acquisition completion
Initial proposal submitted November 24, 2025; Genco board rejected without engagement
Diana nominated independent director candidates for Genco's 2026 Annual Meeting