Diana Shipping has withdrawn its offer to acquire the remaining shares of Genco Shipping & Trading after the companies failed to agree on deal terms. Diana's withdrawn offer included $24.80 in cash, adjusted for Genco's $0.80 dividend, plus one Diana share valued at $2.54. Genco's board had demanded $27.50 cash, more than $2.00 in dividends, and three Diana shares, implying about $36.91 per Genco share, or a 42% premium based on Diana's $2.47 closing price on Aug. 13. Diana criticized Genco's valuation demands, saying its $27.50 cash requirement reflects its estimated NAV and that shareholders should also receive expected Q3 and Q4 dividends, while the requested three Diana shares would give Genco shareholders about 47% of the combined company. CEO Semiramis Paliou said the company remains committed to the strategic benefits of combining with Genco and will continue monitoring the company as its largest shareholder, while Genco has asked Diana to respond by Aug. 24 and said it remains open to further discussions.
Diana Shipping Inc.Diana Shipping withdrew its takeover bid for Genco after failing to agree on deal terms, ending its M&A attempt.
Genco Shipping & Trading LtdDiana withdrew its takeover bid after Genco's board demanded higher terms, leaving Genco without the proposed acquisition.
