Globenewswire·2026-01-13 21:35Core Viewpoint - Diana Shipping Inc. has expressed disappointment over the Genco Board's rejection of its acquisition proposal without any engagement, emphasizing the offer's value for Genco's shareholders [1][2][6]. Group 1: Acquisition Proposal - Diana Shipping proposed to acquire all outstanding shares of Genco for $20.60 per share in cash, which represents a 23% premium to the volume-weighted average price (VWAP) of Genco's shares for the 30-day and 90-day periods ending November 21, 2025 [2][9]. - The proposal was publicly disclosed on November 24, 2025, but was rejected by the Genco Board after more than six weeks without any discussion or clarification [3][6]. - The offer is backed by a letter from DNB Bank and Nordea Bank, which are prepared to finance up to $1,102 million in new debt to support the acquisition and refinance Genco's existing debt [4]. Group 2: Genco Board's Response - The Genco Board suggested a potential acquisition of Diana instead, but did not provide any specific financial terms, which Diana views as a tactic to dismiss its offer [5][6]. - Diana has consistently sought to engage with the Genco Board regarding its proposal, which includes actionable financial and structural terms [5][6]. Group 3: Company Statements - Diana's CEO, Semiramis Paliou, reiterated the company's willingness to discuss the proposal and address any concerns raised by Genco's Board [6]. - The company is considering all options to advance its acquisition offer for Genco [7].