Genco Shipping & Trading Ltd. secured formal support from independent proxy advisory firms Glass Lewis & Co. and Egan-Jones. Both firms recommended that shareholders vote in favor of all Genco director nominees.
The advisors also urged shareholders to vote against the nominees and proposals submitted by rival Diana Shipping Inc. This endorsement bolsters Genco’s defense against Diana’s unsolicited takeover bid.
Glass Lewis and Egan-Jones concluded that Diana’s tender offer undervalues Genco. Glass Lewis highlighted Genco’s recent strong performance and increasing near-term earnings potential as key reasons to maintain current investments.
Genco’s board is now calling on shareholders to follow these recommendations and reject Diana’s offer.