Friday, Diana Shipping Inc. (DSX), which owns about 14.8 percent stake in Genco Shipping & Trading Limited (GNK), announced that it has increased its all-cash offer to acquire all of the issued and outstanding shares of the company for $23.50 per share.
The increased offer, made in partnership with Star Bulk Carriers Corp. (SBLK), reflects Diana’s continued belief in the financial and strategic merits of the proposed acquisition, and its commitment to delivering enhanced value to all Genco shareholders.
The revised proposal is backed by $1.433 billion of fully committed financing, arranged by DNB Carnegie and Nordea, with participation from leading international banks.
Concurrently, Star Bulk has entered into a definitive agreement with Diana to acquire 16 Genco vessels for $470.5 million in cash upon completion of Diana’s acquisition of Genco.
Currently, GNK is trading at $21.93, down 5.31 percent, and DSX is moving down 6.52 percent, to $2.36 on the New York Stock Exchange. Meanwhile, SBLK is falling 4.58 percent, to $23.48 on the Nasdaq.
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