Business
Diana Shipping Increases Offer to Acquire Genco
raised its unsolicited bid to acquire fellow dry bulk shipping company Genco Shipping & Trading GNK -4.15%decrease; red down pointing triangle, and said Star Bulk Carriers had agreed to acquire 16 of Genco’s vessels if the acquisition closes.
Diana, which owns about 14.8% of Genco’s shares outstanding, said Friday that it would pay $23.50 a share for the remaining shares. It said the offer represents a 31% premium to Genco’s undisturbed closing share price as of Nov. 21, the last trading day before Diana first offered to buy the company.
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