Greek dry bulk shipowner Diana Shipping has abandoned its bid for U.S.-headquartered Genco Shipping & Trading after the target sought terms that Diana calculated at about $36.91 per share, according to Diana Shipping.
Genco’s board sought $27.50 in cash per share, more than $2 per share in projected third- and fourth-quarter 2026 dividends and three Diana shares for every Genco share.
Based on Diana’s August 13 closing price of $2.47, the package implied a 42% premium to Genco’s closing price that day and a 57% premium to its June 16 close.
The three-for-one share component would have left Genco investors owning about 47% of the combined company.
Genco put the terms to Diana after the companies’ financial advisers met on August 13 and gave the prospective buyer until August 24 to respond. Diana withdrew its proposal on August 14.
The move ends a nine-month takeover campaign that began with a $20.60-per-share cash proposal in November 2025. Diana raised its offer to $23.50 in March, launched a tender offer at that price in May and increased it to $24.80 on May 27.
A separate June 17 proposal combined $24.80 in cash with one Diana share valued at $2.54, giving an implied value of $27.34. Genco’s $0.80 second-quarter dividend subsequently reduced the cash component to $24.00.
“We gave this process every opportunity to succeed, and Genco’s response has left us no choice but to withdraw our proposal at this time,” Diana chief executive Semiramis Paliou said.
The takeover push also included a proxy contest. Genco shareholders re-elected all six company nominees at the June 18 annual meeting, while discussions over Diana’s cash-and-stock proposal continued after the cash tender expired in July. Diana remains Genco’s largest shareholder with about 14.4% of its common stock.
Diana Shipping Inc. is a Marshall Islands corporation providing dry bulk shipping services through owned and bareboat-chartered vessels. Its fleet comprised 36 bulkers totalling about 4.1m dwt as of August 10, excluding two methanol dual-fuel Kamsarmax newbuildings awaiting delivery.
Genco Shipping & Trading Limited is a Marshall Islands corporation headquartered in New York. Its fleet comprises 43 Newcastlemax, Capesize, Ultramax and Supramax bulkers totalling about 4.94m dwt following the August delivery of the 182,000-dwt Genco Volunteer.