Globenewswire·2026-03-20 13:24Core Viewpoint - Diana Shipping Inc. urges Genco Shipping & Trading Limited's Board to engage in good faith negotiations regarding Diana's fully financed cash offer of $23.50 per share for Genco's outstanding shares not already owned by Diana, emphasizing that the proposal presents a premium valuation opportunity for Genco shareholders [1][2][15]. Financial Proposal - Diana's increased offer of $23.50 per share is fully financed, with a total financing commitment of $1.433 billion, which includes $1.102 billion for acquisition debt financing and an additional $331 million for voluntary refinancing of Diana's existing debt [3][15]. - The financing is not conditional on the sale of vessels to Star Bulk, and Genco is aware of the firm commitment for the acquisition debt financing [3]. Shareholder Value Maximization - Diana asserts that Genco's Board is not acting in the best interest of shareholders by dismissing the premium proposal without constructive engagement, which denies shareholders the opportunity to realize a premium valuation [2][4]. - The company plans to elect independent directors to the Genco Board who will prioritize shareholder value and explore all meaningful opportunities for value creation [4]. 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 [5]. - Star Bulk Carriers Corp. is a global shipping company that provides transportation solutions in the dry bulk sector, transporting major and minor bulk commodities [6].