Greek dry bulk owner Diana Shipping has increased its takeover proposal for US-listed rival Genco Shipping & Trading for a fourth time, adding a stock component to its latest bid and valuing the target at $27.34 per share, according to a published report.
The Athens-based owner, which is already Genco’s largest shareholder, said the revised proposal consists of $24.80 per share in cash plus one Diana share valued at $2.54 based on the company’s 30-day volume-weighted average share price through June 16. The latest offer comes less than a month after Diana lifted its bid to $24.80 per share in cash, a proposal that was also rejected by Genco’s board.
Bid Premium and Financing
According to Diana, the revised package represents a 53% premium to Genco’s closing share price on November 21, 2025, the last trading day before its initial approach became public. The company also said the offer implies a 16% premium to Genco’s June 16 closing price of $23.51 and a 6% premium to net asset value based on VesselsValue estimates. For comparison, analyst estimates place Genco’s NAV at about $26.66 per share.
| Metric | Value |
|---|---|
| Total implied value per share | $27.34 |
| Cash component per share | $24.80 |
| Diana share component value | $2.54 |
| Premium to Nov 21, 2025 close | 53% |
| Premium to June 16, 2026 close | 16% |
| Premium to NAV (VesselsValue) | 6% |
Diana stressed that the cash portion remains fully financed through $1.433bn of committed funding from six international banks and carries no financing condition.
CEO Statement and Merger Rationale
In a letter sent to Genco’s board, Diana requested that the company postpone its annual general meeting scheduled for June 18 to give directors and shareholders time to evaluate the enhanced proposal.
“Since November 2025, we have submitted four increasingly compelling proposals to acquire Genco — the first three rejected by Genco’s board without engaging with us in any way,” Diana chief executive Semiramis Paliou said. “At a total implied value of $27.34 per share, our revised offer provides Genco shareholders a meaningful premium, immediate, certain cash value, and the opportunity to participate in the significant upside of a combined dry bulk platform at a scale that neither company could achieve alone.”
Paliou reiterated Diana’s argument that a merger would create one of the largest publicly listed dry bulk operators, offering greater fleet scale, improved operating leverage, and increased trading liquidity.
The latest proposal also includes a commitment from Paliou and other Diana executives to maintain their ownership stakes in the company through open-market share purchases following completion of a transaction.
Partnership with Star Bulk Carriers
As with previous approaches, Diana said the offer is being made in partnership with fellow Greek dry bulk giant Star Bulk Carriers but is not conditional on any transaction involving Star Bulk.
The renewed bid escalates a takeover battle that has been running since November last year, with Genco repeatedly rejecting Diana’s advances while maintaining that any proposal must adequately reflect shareholder value.
Watch List
- Genco board response: The board has rejected three previous bids. An answer to the enhanced cash-and-stock offer is expected, possibly before or after the postponed AGM.
- Annual general meeting: Diana requested postponement of the June 18 meeting. Whether Genco agrees will signal openness to negotiation.
- Regulatory and shareholder reactions: The bid’s premium and cash component may sway Genco shareholders, while the involvement of Star Bulk could raise competition considerations.
- Dry bulk market consolidation: If successful, the merger would reshape the dry bulk landscape, combining Diana’s and Genco’s fleets under one of the largest publicly listed operators.
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