Genco Shipping & Trading (GNK) on Wednesday urged shareholders to back its current board and reject what it called an "inadequate" takeover bid from rival drybulk operator Diana Shipping (DSX).

Diana's latest $24.80-per-share offer remains below Genco's estimated net asset value and fails to include a control premium, Genco said.

Genco noted that analyst estimates value the company between $26.66 and $27.10 per share, arguing that selling below liquidation value would not be in shareholders' best interests.

The shipowner also criticized Diana's ongoing proxy fight, claiming the rival's nominees have close ties to Diana and could pursue a transaction that undervalues the company.

Genco said its board remains open to discussions if Diana submits a proposal that better reflects the value of its assets and platform.

The comments come ahead of Genco's June 18 annual meeting, where shareholders will vote on board nominees.