Diana Shipping Inc. filed its nineteenth amendment to its Schedule TO tender offer statement on July 8, 2026, updating its disclosure regarding the unsolicited offer to acquire all outstanding shares of Genco Shipping & Trading Limited. The amendment, which also serves as the twenty-seventh amendment to Diana's Schedule 13D, reports that Diana beneficially owns approximately 6.26 million shares, representing 14.4% of Genco's outstanding common stock.
The filing is the latest in a series of amendments that have been submitted frequently since Diana launched its tender offer in early May 2026. The offer, made through Diana's wholly owned subsidiary 4 Dragon Merger Sub Inc., originally proposed to purchase all outstanding Genco shares for $24.80 per share in cash. On June 17, Diana revised its proposal to the Genco board, offering $27.34 in total implied value per share, consisting of $24.80 in cash plus one share of Diana common stock. Diana calculated the implied stock value at $2.54 per share based on the volume-weighted average price over the 30 days ending June 16, 2026.
Genco has actively resisted the takeover attempt. The company filed its own preliminary proxy statement in April 2026, urging shareholders to reject Diana's advances and characterizing the bid as an effort to "seize control of the Genco board to advance its attempt to take over Genco on the cheap." Genco's board has recommended that shareholders not tender their shares into Diana's offer and has advised them to discard any proxy materials received from Diana.
The amendment itself is procedural in nature, adding a press release dated July 8, 2026 as an exhibit to the tender offer statement. No changes to the terms of the offer or the ownership stake were disclosed beyond what was already reflected in prior filings. The 14.4% stake figure is calculated against 43,577,051 shares outstanding as reported in Genco's most recent quarterly filing.
Diana Shipping, like Genco, is organized under the laws of the Marshall Islands. The tender offer remains subject to various conditions, and the filing does not indicate that a final resolution is imminent. The ongoing exchange of amendments and counter-statements between the two dry bulk shipping companies suggests the contest for shareholder support will continue through the 2026 annual meeting season.