Genco Shipping & Trading Limited (NYSE:GNK) climbed 8% on Wednesday after Diana Shipping Inc. (NYSE:DSX) enhanced its offer to acquire the dry bulk shipping company, increasing the value proposed to shareholders.
The revised bid marks the latest development in a takeover effort that has been ongoing since late 2025 and comes as Diana seeks to create a larger combined shipping platform
Improved Offer Values Genco at $27.34 Per Share Under the updated proposal, Genco shareholders would receive $24.80 per share in cash along with one Diana share. Diana valued the stock component at $2.54 per share based on its 30-day volume-weighted average share price through June 16, 2026, bringing the total consideration to $27.34 per Genco share. According to Diana, the proposal represents a 53% premium to Genco’s closing share price on November 21, 2025, the trading day before its initial offer was submitted.
The company also said the bid reflects a 6% premium to Genco’s estimated net asset value using data from VesselsValue. Financing Remains Fully Committed Diana stated that the cash portion of the transaction remains fully funded through $1.433 billion of committed financing provided by six international banking institutions. The company emphasized that the proposal carries no financing condition, aiming to provide certainty regarding its ability to complete the transaction.