Genco Shipping & Trading Responds to Revised Unsolicited Proposal from Diana Shipping Inc.

Core Viewpoint - Genco Shipping & Trading Limited has received a revised non-binding indicative proposal from Diana to acquire all outstanding shares not already owned by Diana for $23.50 per share in cash, which is an increase from a previous offer of $20.60 per share [1][3]. Group 1: Proposal Details - The revised proposal from Diana values Genco at $23.50 per share, representing a significant increase from the earlier proposal of $20.60 per share [1][3]. - Diana currently owns approximately 14.8% of Genco's common stock [1]. Group 2: Board's Response - Genco's Board of Directors is committed to fulfilling its fiduciary duties and will review the proposal with the help of external advisors [2]. - The Board previously determined that the initial proposal from Diana significantly undervalued Genco and was not in the best interest of shareholders [3]. Group 3: Advisory Support - Jefferies LLC is acting as the financial advisor to Genco, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel [4]. Group 4: Company Overview - Genco Shipping & Trading Limited is a U.S.-based drybulk ship owning company focused on the global transportation of commodities, including iron ore, coal, grain, and steel products [5]. - The company operates a modern fleet of 45 vessels with an average age of 12.8 years and an aggregate capacity of approximately 5,044,000 deadweight tons (dwt) [5].