Diana Shipping Inc. has issued a non‑binding indicative proposal to acquire all of Genco Shipping & Trading Limited’s outstanding shares not already owned by Diana at a price of $20.60 per share in cash. The offer values the remaining 85.2 % of Genco’s equity at roughly $890 million, a figure that aligns with the $20.60 price and the current share count, rather than the earlier $1.3 billion estimate that included the entire market cap.
Genco currently has 14.8 % of its shares held by Diana, leaving the remaining 85.2 % up for acquisition. The $20.60 per‑share price represents a premium of about 15 % to the closing price on November 21, 2025, and 21 % to the July 17, 2025 close, placing the offer near Genco’s 10‑year high and roughly in line with the company’s net asset value of $20.80 per share as estimated by analysts.
Diana’s CEO, Semiramis Paliou, said the deal would increase the scale and flexibility of its fleet and enhance operating leverage in the dry‑bulk market. The company plans to finance the transaction through a new acquisition facility and intends to selectively divest assets after the takeover to optimise its balance sheet and fleet mix. The proposal reflects Diana’s broader strategy of consolidating the dry‑bulk sector to capture market share and achieve cost efficiencies.
Genco has recently pursued fleet renewal, agreeing to acquire two Newcastlemax vessels for $145.5 million with delivery expected in Q1 2026. The company also amended its shareholder rights plan on November 10, lowering the threshold for an “Acquiring Person” to 10 % (15 % for 13G investors) and excluding a “Grandfathered Shareholder” holding nearly 15 %. These moves signal Genco’s intent to modernise its fleet while protecting against unsolicited bids, making the Diana offer particularly attractive to shareholders seeking immediate cash at a premium.
Analysts noted that the all‑cash nature of the offer and the premium relative to recent trading prices and NAV have driven a positive market reaction. The proposal’s alignment with Genco’s 10‑year high and the company’s recent strategic initiatives—fleet expansion and rights‑plan amendment—have reinforced investor confidence in the value of the transaction.
Genco’s board will review the proposal in consultation with its financial and legal advisors and determine the best course of action for shareholders. The company has not yet indicated whether it will accept, reject, or negotiate the terms of the offer, but the board’s review will be a key next step in the takeover process.
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