Diana Shipping's months-long campaign to acquire Genco Shipping & Trading through a hostile tender offer has reached an unsuccessful conclusion. According to a final amendment filed with the SEC on July 27, 2026, the tender offer expired at 5:00 p.m. New York City time on July 24 without any shares being accepted for purchase.
The depositary reported that 11,778,419 shares were validly tendered and not withdrawn by the expiration deadline. That figure represents approximately 31.6% of the shares not already owned by Diana Shipping, or roughly 27% of Genco's total outstanding shares. Diana itself held a 14.4% stake in Genco, or 6,264,548 shares, as disclosed in the filing.
While the tender garnered a meaningful portion of the minority shareholder base, the conditions to the offer were not satisfied or waived by the expiration time. As a result, Diana instructed the depositary to promptly return all tendered shares to shareholders, requiring no further action on their part.
The offer, first launched in early May 2026 through Diana's wholly owned subsidiary 4 Dragon Merger Sub, initially sought to acquire all outstanding Genco shares for $24.80 per share in cash. In mid-June, Diana submitted a revised proposal to Genco's board that valued the company at $27.34 per share, consisting of $24.80 in cash plus one share of Diana common stock, with the stock component valued at $2.54 based on a 30-day volume-weighted average price.
Genco's board consistently opposed the unsolicited bid, characterizing it as an attempt to seize control of the company at an inadequate price. The expiration of the tender offer marks a significant development in what has been a protracted and contentious takeover effort, though it does not necessarily preclude Diana from pursuing alternative paths to acquire Genco in the future.