Diana Shipping Inc. filed its twenty-first amendment to its tender offer statement for Genco Shipping & Trading Limited on July 13, extending the offer’s expiration date by two weeks. The offer, which had been scheduled to expire on July 10, will now remain open until 5:00 p.m. New York City time on July 24, 2026, unless further extended.
The filing disclosed that as of the prior expiration date, 11,081,926 shares had been validly tendered and not withdrawn. That figure represents approximately 29.7% of the outstanding shares not already owned by Diana, or 25.4% of all outstanding Genco shares. Diana itself holds a 14.4% stake in Genco, consisting of 6,264,548 shares.
Diana’s current offer, submitted to the Genco board on June 17, proposes total implied consideration of $27.34 per share. The consideration is comprised of $24.80 in cash plus one share of Diana common stock, with the stock component valued based on Diana’s 30-day volume-weighted average price of $2.54 as of June 16. The offer is being made through Diana’s wholly owned subsidiary, 4 Dragon Merger Sub Inc.
This extension arrives in the context of a months-long campaign by Diana to acquire Genco, during which the Genco board has repeatedly urged shareholders to reject the offer as inadequate. Genco shareholders recently voted at the 2026 annual meeting to extend the company’s shareholder rights plan and rejected a push for a strategic review. The tender offer has been amended numerous times since its initial filing in May 2026, with Diana gradually increasing its proposed consideration and repeatedly extending the deadline as it seeks to accumulate sufficient shares to complete the acquisition.