Diana Shipping (DSX) is looking to start a proxy fight to replace Genco Shipping & Trading's (GNK) six current directors after Genco's board rejected its takeover offer of $20.60 per share in cash earlier this week, Reuters reported Friday, citing two sources familiar with the matter.

Diana, which owns almost 15% of Genco, plans to nominate executives with shipping and maritime industry experience in the coming days, the report said.

The move would give Genco shareholders an opportunity to elect directors who would be open to exploring alternatives such as Diana's proposal to acquire the company, the report said.

Diana and Genco did not immediately reply to requests for comment from MT Newswires.

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