Genco Shipping & Trading's (NYSE: GNK) board of directors has unanimously rejected a revised, unsolicited tender offer from Diana Shipping (NYSE: DSX) to acquire all outstanding Genco shares for $24.80 each in cash. The board concluded that the offer continues to significantly undervalue the company and its assets, falls below Genco's net asset value (NAV), and lacks an appropriate control premium.
This marks the latest rejection in an ongoing takeover attempt, with Genco having previously turned down offers of $20.60 and $23.50 per share. Genco's board stated the $24.80 bid is below the mean analyst NAV estimate of $26.66. While rejecting the current bid, the board remains open to engaging with Diana if a future offer adequately compensates shareholders for the full value of Genco's assets and platform.