May. 15 at 11:31 AM
GENCO BOARD TELLS DIANA TO KICK ROCKS ON
$23.50 OFFER
$GNK's board unanimously rejected Diana Shipping's unsolicited
$23.50/share cash tender offer, calling it inadequate, below NAV, and lacking any control premium.
🔹 Current analyst NAV estimates sit at
$26.54–
$26.80
🔹 Offer price unchanged from prior rejected proposal
🔹 Board urges shareholders to reject the tender and vote WHITE proxy
🔹 Jefferies and Morgan Stanley both opined the deal is financially inadequate