By Connor Hart

Genco Shipping & Trading unanimously rejected Diana Shipping's latest buyout offer, saying the bid continued to meaningfully undervalue the company and its assets.

Dry-bulk shipping company Genco on Tuesday said its board reached the decision after thoroughly reviewing the offer with external advisers and determining its value was below its net asset value and didn't include a control premium.

The rejection marks the latest blow in a months-long spat between competitors. It comes after Diana Shipping last week offered to purchase all of Genco's outstanding shares for $24.80 apiece, up from a previous bid of $23.50 a share in March.

Diana Shipping had previously offered to buyout Genco in November for $20.60 a share. Genco rejected that initial offer in January.

Diana Shipping said last week that its latest offer, for $24.80 a share, represented a 39% premium to Genco's closing price on Nov. 21, or the last trading day before Diana's initial acquisition offer.

Genco has rejected that claim, saying the so-called premium is "based on an arbitrary share price from months before their $23.50 proposal and is irrelevant."

On Tuesday, Genco said it remains willing to meet and engage with Diana Shipping "if and when they submit an offer that adequately compensates shareholders for the full underlying value of Genco's assets."

Diana Shipping responded, saying the rejection marks the third time Genco has rejected its offer without any engagement whatsoever.

"Genco's news release today makes clear--more than ever--that the Genco Board is not going to engage in a constructive dialogue regarding our proposal," Chief Executive Semiramis Paliou said. "Despite an empty statement that they are willing to engage, their conduct for more than six months demonstrates the exact opposite."

Diana Shipping previously launched a proxy fight, nominating six directors to Genco's board.

Genco said the continuing proxy contest is in line with Diana Shipping's pattern of attempting to take control of the company without paying full and fair value.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

June 02, 2026 14:06 ET (18:06 GMT)

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