Diana Shipping Raises Genco Bid for Fourth Time with Cash-and-Stock Offer Valuing Target at $27.34 Per Share

## Diana Shipping Raises Genco Bid for Fourth Time Greek dry bulk owner Diana Shipping has escalated its pursuit of US-listed rival Genco Shipping & Trading, submitting a fourth revised takeover proposal that now includes a stock component alongside cash, according to Splash247. The latest offer values Genco at **$27.34 per share**, representing a further premium over Diana's previous bids. The Athens-based owner, which already holds the position of Genco's largest shareholder, has been persistent in its consolidation push, with each successive offer reflecting growing determination to bring the two dry bulk operators under a single corporate umbrella. ### A Bid That Keeps Evolving The introduction of a stock component to the latest proposal marks a notable structural shift in Diana's approach. Earlier bids were understood to be primarily cash-based, and the hybrid cash-and-stock structure may be designed to appeal to Genco shareholders who wish to retain exposure to the combined entity's upside potential following any merger. Diana's position as Genco's largest existing shareholder gives it both strategic leverage and a vested interest in the outcome of negotiations. The repeated upward revisions suggest that Genco's board has so far resisted the advances, though the persistence of the bidder signals confidence in the industrial logic of a combination. ### Dry Bulk Consolidation in Focus The proposed merger, if successful, would create one of the larger publicly listed dry bulk shipping platforms, combining Diana's fleet with Genco's well-established US-listed operation. Consolidation has been a recurring theme across dry bulk shipping in recent years as owners seek scale, cost efficiencies, and improved access to capital markets amid volatile freight rate environments. Genco Shipping & Trading operates a diversified fleet of Capesize, Ultramax, and Supramax vessels, while Diana Shipping maintains a fleet concentrated in larger dry bulk tonnage. A combined entity would benefit from broader fleet diversification and enhanced commercial reach. ### Market Implications Industry observers will be watching closely to see whether Genco's board engages more substantively with this latest revised offer. The inclusion of stock consideration may address concerns about the all-cash structure and could open the door to more formal due diligence discussions. As of the time of reporting, Genco had not publicly confirmed acceptance of the revised terms. Shareholders and analysts will be scrutinising the implied premium relative to Genco's net asset value and prevailing dry bulk market conditions as they assess the merits of the deal. *Source: Splash247*