At the moment, the attempt of the Greek Diana has faded Shipping to obtain the entire share capital of the U.S. Genco Shipping & Trading acquiring 85.2% of the total not still in its possession with the aim of integrating the fleets of bulk carriers of the two companies that are currently formed 36 and 45 ships respectively. The Board of Directors of Genco has in fact unanimously resolved to reject Diana's non-binding offer which is based on the price of $20.60 for each share of the American company. The figure assigns Genco a total value of 890 million dollars compared to a market capitalization of 822.9 million based on Monday's closing price of trading last.

The board of directors of the US company specified that the proposal significantly underestimates Genco and also has a significant execution risk nor does it have a support financial and is not even in the best interest of the shareholders. "Diana's proposal, by its very nature - Genco specified in a note - lacked the value, the structure and certainty to justify a further commitment".

The board of directors of Genco has not limited to rejecting the offer, but also specified how the merger between the two companies could be better structured specifying that the optimal operation could be the acquisition of the Diana by Genco. The American company has made I notice that I have tried to interact with Diana both directly and through consultants in order to evaluate this operation alternative, to which - said Genco - Diana subtracted by reiterating his previous offer.

Very different is the point of view of Diana who, complaining about the delay with which Genco replied to the offer made in mid-November ( of 24 November 2025), replied that the Board of Directors of the US company refused to start discussions nor did he ask Diana for clarification on the proposal. Furthermore, highlighting that the proposed offer price is more than congruous, Diana Shipping also pointed out that your offer is supported by a highly confident letter from DNB Bank and Nordea Bank, two major banks in the maritime sector, which have been tasked with managing a new Funding of up to $1.1 billion to finance the entire acquisition of outstanding Genco shares, refinance current indebtedness of Genco and pay commissions and expenses of transaction.

With regard to the counter-proposal made by Genco, the Board of Directors of the The Greek company specified that Genco's offer does not include details of the price or premium, or whether it would be implemented with cash or share consideration, and does not even include other basic financial elements necessary for a proper evaluation of the proposal. According to Diana, Genco's proposal would constitute a tactic that would have no serious purpose if not that of rejecting and belittling Diana's offer.

Expressing deep disappointment with Genco's decision to reject Diana's offer without a confrontation with the company or his advisers, the CEO of Diana, Semiramis Paliou, however, said he was encouraged "by the that Genco recognizes the industrial logic of a combination of our two companies. We continue to believe - he added - that our proposed all-cash transaction is the optimal way to implement the combination and we would be happy to dialogue with the board of directors of Genco to answer any questions you may have about our proposal'.