Genco Shipping & Trading Limited
GNKReporting person: Diana Shipping Inc.(fund)
Diana Shipping seeks board control of Genco via proxy contest; offers $23.50/share
Primary demands
- board representation
- acquisition at $23.50 per share
- fiduciary engagement on transaction
- strategic alternatives review
No advisor data on record for this deal.
Diana Shipping Inc., owning approximately 14.8% of Genco Shipping & Trading Limited, has launched a proxy contest to elect six independent director nominees to Genco's board, citing the board's five-month refusal to engage on Diana's fully financed $23.50 per share all-cash acquisition offer. Diana contends Genco's board is engaged in entrenchment tactics including adoption of a poison pill, formation of an undisclosed Special Committee, and delay in setting an annual meeting date to protect management roles and compensation. Diana's letter to shareholders criticizes Genco's public statements as misinformation and argues the $23.50 offer represents approximately 1.0x net asset value at cyclically high drybulk asset values.