Diana Shipping Withdraws Bid to Acquire Genco Shipping

Diana Shipping withdrew its proposal to acquire Genco Shipping & Trading on August 14, 2026, ending a takeover battle that lasted nearly a year. The company cited unrealistic and convoluted demands from the Genco board as the reason for the withdrawal.

Genco's requested terms included $27.50 per share in cash, $2.00 for expected dividends, and three Diana shares, which Diana calculated as a total value of approximately $36.91 per share. Diana questioned whether the Genco board's interests remained aligned with those of its shareholders.

The acquisition attempt began in November with an initial offer of $20.60 per share and evolved to include a tender offer and a proxy fight to replace Genco's board. Despite ending the bid, Diana Shipping remains the largest shareholder of Genco Shipping & Trading and stated it will continue to monitor the company's performance and hold management accountable.