Greek player’s takeover bid for US dry bulk shipping firm gets shot down

Genco’s board of directors, with the recommendation of a committee of independent directors, has unanimously rejected Diana Shipping’s non-binding indicative proposal to acquire for $20.60 per share in cash all of its outstanding shares not already owned by the Greek firm, which currently holds approximately 14.8% of the American player’s outstanding shares of common stock. The proposal is perceived to materially undervalue the U.S.-based company; thus, it is not considered to be in the best interest of its shareholders.

“Diana’s proposal, by its very nature, lacked the value, structure and certainty to warrant further engagement,” emphasized Genco, while adding that the Greek company’s proposal failed to reflect the inherent value of the firm’s “high-quality and modern fleet, leading commercial operating platform, established technical management business and strong balance sheet.”

Additionally, the offer is also said to not take into