Globenewswire·2026-01-16 13:37Core Viewpoint - Diana Shipping Inc. intends to nominate six independent director candidates to Genco's Board of Directors, citing the current Board's failure to engage with Diana regarding its acquisition proposal and the need for meaningful change to maximize shareholder value [1][2][4]. Group 1: Acquisition Proposal - Diana proposed to acquire all outstanding shares of Genco not owned by it for $20.60 per share in cash, which represents an attractive premium for Genco shareholders [2][16]. - The current Genco Board took over six weeks to respond to Diana's proposal and did not engage in discussions regarding its financial or structural elements [2][3]. - Diana's offer is backed by a financing letter from two leading shipping banks, indicating strong financial support for the acquisition [2]. Group 2: Board Nomination - Diana believes that Genco shareholders would benefit from electing directors who are open to exploring strategic alternatives, including a serious consideration of Diana's acquisition proposal [2][4]. - The nominated candidates possess extensive experience in shipping, finance, mergers and acquisitions, and corporate governance, which Diana believes will enhance the Board's effectiveness [1][4][10][16]. - Notable nominees include Gustave Brun-Lie, Chao Sih Hing Francois, and Paul Cornell, each bringing decades of relevant industry experience [4][10][5]. Group 3: Company Background - Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily transporting commodities such as iron ore, coal, and grain [7]. - The company currently owns approximately 14.8% of Genco's outstanding shares, making it the largest shareholder [1][16].