Diana Shipping let its tender offer for Genco Shipping expire but kept its broader acquisition plan intact, sending DSX shares up 1.8% pre-market.
Diana Shipping announced its tender offer to acquire all outstanding shares of Genco Shipping it does not already own expired on July 24. The company confirmed it will not extend or reinstate the offer, though its broader acquisition proposal remains in place.
Shares of Diana Shipping rose 1.8% in pre-market trading following the announcement. The company had previously sought to consolidate its position in Genco, which operates a fleet of dry bulk vessels. No prior consensus or comparable tender offers were disclosed in the release.
The expiration of the tender offer had no immediate negative impact on DSX shares, reflecting investor focus on the ongoing acquisition strategy.