Genco defends $27.50 takeover terms after withdrawal
Full story: https://grafa.com/en/news/united-states/genco-27-50-takeover-framework-diana-shipping-withdrawal
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Genco defended a takeover framework requiring $27.50 per share in cash, three Diana shares per Genco share and retained dividends.
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GNK was down 3.6% at $25.39 in pre-market trading, while the stock was also trading ex-dividend for its $0.80 payout.
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Genco said it projects cumulative Q3 and Q4 2026 dividends of more than $2 per share, subject to market assumptions.
Genco Shipping & Trading (NYSE:GNK) defended its $27.50-per-share cash framework after Diana Shipping (NYSE:DSX) withdrew its offer to acquire the remaining Genco shares.
Diana said Genco's requested terms implied about $36.91 per share, while Genco disputed that calculation and estimated its NAV at approximately $27.50.
Genco's framework called for $27.50 cash plus three Diana shares per Genco share, while allowing Genco shareholders to retain declared dividends.
Genco projects more than $2 of cumulative Q3-Q4 2026 dividends.
Following the announcement, Genco's share price was down 3.6% at $25.39 in pre-market trading, with the stock trading ex-dividend for $0.80.
The company declared a $0.80 Q2 2026 dividend and has distributed $8.715 per share across 28 consecutive quarterly payments since 2021.
Genco said its Comprehensive Value Strategy combines dividends, deleveraging and fleet growth, supported by more than $550 million of vessel investments since 2021.
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