Genco Shareholders Back Board Over Diana Shipping Bid

The vote concludes a tense standoff that escalated Wednesday when Diana Shipping sweetened its offer to $27.34 per share, a package consisting of $24.80 in cash and one Diana share. Diana had aggressively campaigned to install two representatives on Genco’s six-person board, arguing that shareholders required more time to weigh the merger proposal. Genco management dismissed these calls for delay, maintaining that a postponement would impose unnecessary costs and uncertainty on the investor base.

Market reaction remained cautious following the preliminary announcement, with Genco shares trading up 3.9% at $24.25. By confirming the board’s current composition and ratifying the existing shareholder rights plan, Genco has effectively fortified its defenses against Diana’s acquisition efforts. The final tally will formalize the rejection of Diana’s board nominees, leaving the incumbent leadership in control of the dry-bulk shipping firm’s strategic path.