According to Splash247, Diana Shipping has increased its all-cash offer to acquire Genco Shipping & Trading, bringing in Star Bulk Carriers as a partner. The revised bid is $23.50 per share for the Genco stock Diana does not already own, an increase from a previous proposal of $20.60 per share submitted in November 2025. Diana Shipping currently holds approximately 14.8% of Genco.

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The new per-share offer represents a 31% premium over Genco’s share price before the initial proposal became public. Diana has arranged over $1.4 billion in committed financing from a consortium of banks to support the bid. A central component of the deal involves an agreement for Star Bulk to purchase 16 vessels from Diana for $470.5 million if the takeover is completed. The vessels include various dry bulk sizes and would add approximately 1.8 million deadweight tons of capacity to Star Bulk’s fleet, bringing its total to about 157 vessels on a fully delivered basis.

Diana stated that the financing and the vessel sale agreement provide a clear path to completing the acquisition and refinancing Genco’s existing debt. The company’s chief executive said the improved bid reflects a continued belief in the strategic logic of combining the fleets and urged Genco’s board to begin negotiations. Diana also called on Genco shareholders to encourage the board to engage, stating the offer provides certain value at a premium.

Genco stated its board will review the new terms with external advisers. The company had previously rejected Diana’s initial offer, stating it significantly undervalued the company, leading Diana to nominate a new slate of directors for Genco’s board. Analysts at SEB stated the revised proposal still undervalues Genco, estimating the company’s net asset value at roughly $27.8 per share. They noted the $23.50 offer implies a price-to-net asset value ratio of approximately 0.85x, is only about 1% above Genco’s previous closing price, and is around 15% below its estimated net asset value.

Source: IndexBox Market Intelligence Platform