Genco Shipping & Trading Limited (NYSE:GNK) shares rose 8% Wednesday following an enhanced acquisition proposal from Diana Shipping Inc. (NYSE:DSX).
The updated offer values each Genco share at $27.34, made up of $24.80 in cash plus one Diana share. Diana has set the value of that Diana share at $2.54, calculated using Diana’s 30-day volume-weighted average price through June 16, 2026.
Diana said the revised package equates to a 53% premium to Genco’s closing price on November 21, 2025 - the last trading day before Diana first tabled an approach - and represents a 6% premium to Genco’s net asset value using VesselsValue data.
The bidder emphasized that the cash portion of the offer is fully financed. Diana disclosed $1.433 billion in committed financing from six international banks and stated there is no financing condition attached to that component.
To allow time for consideration of the heightened bid, Diana asked that Genco postpone its annual meeting scheduled for June 18. The company said the delay would give the Genco board and shareholders an opportunity to evaluate the revised proposal.
This is Diana’s fourth acquisition proposal directed at Genco since November 2025. According to Diana, the three prior overtures were rejected by Genco’s board without engagement.
Diana characterized the combination as the creation of one of the largest drybulk operators, pointing to increased fleet scale and improved operating leverage as potential outcomes of a successful transaction.
Semiramis Paliou, chief executive officer of Diana, said the structure of the offer provides Genco shareholders with immediate cash certainty while preserving the opportunity for equity participation in the merged company. Diana executives, including Paliou, indicated an intention to maintain their current ownership percentages in Diana through open-market purchases after the deal closes.
Diana also noted the partnership element of the proposal with Star Bulk Carriers Corp., while clarifying that the bid is not conditioned on completion of any transaction with Star Bulk.
Finally, Diana pointed out that the proposal is being made amid cyclically high drybulk asset values, which the company described as being at or near 15-year highs.