Genco rejects Diana's revised offer

Genco Shipping & Trading Limited Limited's Board of Directors has unanimously rejected a revised unsolicited tender offer from Diana Shipping Inc. Inc. to acquire all outstanding common shares of Genco not already owned by Diana for $24.80 per share in cash. The Board, advised by Jefferies LLC and Morgan Stanley & Co. LLC, determined the offer significantly undervalues Genco and its assets, falling below its net asset value (NAV) and lacking an appropriate control premium. Genco's Board reiterated its willingness to meet with Diana if a new offer adequately compensates shareholders for the full underlying value of Genco's assets and includes a control premium. Genco has engaged with Diana for two years, noting a pattern of Diana attempting to take control without paying full and fair value. Genco's Board recommends shareholders not tender their shares and to vote 'FOR' Genco's nominees and 'AGAINST' Diana's shareholder proposals in the ongoing proxy contest.