Diana Shipping Inc. Comments on Genco Shipping & Trading Rejection of Diana's Increased Offer to Acquire Genco, Made in Partnership with Star Bulk Carriers

Core 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]. Financing and Proposal Details - Diana's offer is fully financed with a total 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][4]. - The financing is not contingent on the sale of vessels to Star Bulk, and Genco is aware of the financing structure, which supports the completion of the proposed transaction [3][4]. Genco Board's Response - The Genco Board has rejected Diana's proposal without seeking clarification, raising unfounded questions about the financing, which Diana claims are disproven by public disclosures [2][3]. - Diana asserts that Genco's actions indicate a focus on entrenchment rather than maximizing shareholder value, prompting Diana to pursue the election of independent directors to the Genco Board [4]. Shareholder Engagement - Diana calls on Genco shareholders to encourage the Board to consider the premium offer and explore all meaningful opportunities for value creation [4].