<div id="readability-page-1"><div id="ctl00_CPI_dvBody"><div><div><p>Add <img src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/RTTNews-Logo-224x61.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/RTTNews-Logo-224x61.png"/> as your preferred news source on Google</p><div><p><img src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/google.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cdn.rttnews.com/images/v4/google.png"/> Add Now</p></div></div></div><p> Drybulk shipowner Genco Shipping &amp; Trading Limited (GNK) on Friday said its board rejected an unsolicited tender offer from Diana Shipping Inc. to acquire the company for $23.50 per share in cash.</p><p>The board said the offer significantly undervalues the company and is below the mean analyst NAV estimate of $26.54 per share, while the median estimate stands at $26.80. The company also said the offer lacks an adequate control premium.</p><p>Genco added that the offer price was unchanged from Diana Shipping's earlier proposal, which had also been rejected.</p><p>Genco also said the offer is subject to multiple conditions that create uncertainty around whether the transaction would be completed.</p><p>In addition, the company noted that according to the financial advisors Jefferies and Morgan Stanley, the offer consideration was inadequate from a financial point of view to Genco shareholders other than Diana and its affiliates.</p><p>Genco issued its formal recommendation in a filing with the U.S. Securities and Exchange Commission, outlining the reasons for rejecting the offer, that said, &#34;The Genco Board believes that continuing to pursue its standalone plan will deliver substantially greater value for Genco shareholders than the Offer. Genco has built a differentiated drybulk company with premium-earning assets and a strong financial position. Genco is exceptionally positioned to capture value from a strengthening drybulk market. Gencos strategic decisions have led to superior performance and returns and allow Genco to capture future upside. The Board firmly believes that shareholders should not accept Diana's Offer, which is below NAV and less than our current stock price.&#34;</p><p>Genco shares closed at $24.80 on Thursday, down 2.67%. </p><p>For comments and feedback contact: editorial@rttnews.com</p><p>Business News</p></div></div>

BDRY

<p>Genco Shipping & Trading Limited's board has rejected Diana Shipping Inc.'s unsolicited takeover offer of $23.50 per share, citing it as significantly undervaluing the company. The board believes the offer lacks an adequate control premium and is below analyst NAV estimates of $26.54. Genco asserts that pursuing its standalone plan will provide greater value for shareholders, emphasizing its strong financial position and potential in the drybulk market.</p>

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Genco Shipping & Trading

Diana Shipping

Breakwave Dry Bulk Shipping

Jefferies Financial

Morgan Stanley

DIANA SHIPPING INC C/WTS 14/12/2026 (TO PUR COM)

DIANA SHIPPING INC 8.875% PERP PFD SER B

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Genco Rejects Diana Shipping's $23.50 Per Share Takeover Offer