TLDR
- Genco Shipping (GNK) stock rose 8% on Wednesday after Diana Shipping (DSX) raised its takeover bid to $27.34 per share.
- The revised offer includes $24.80 in cash plus one Diana share, representing a 53% premium to Genco’s fixed price as of November 2025.
- This is Diana’s fourth takeover bid since November 2025 – the first three were rejected without participation
- Diana’s $1.433 billion cash component is fully funded by six international banks with no financing conditions
- Diana asked Genco to postpone its annual meeting on June 18 to give the board time to evaluate the new proposal
Genco Shipping & Trading (GNK) stock jumped 8% on Wednesday after Diana Shipping (DSX) raised its takeover offer to $27.34 per share, the fourth offer Diana has put on the table since November 2025.
Jinko Shipping & Trading Co., Ltd., GNK
The revised offer is split into $24.80 in cash plus one Diana share. Diana valued this stake at $2.54, based on the 30-day volume-weighted average price through June 16, 2026.
The offer represents a 53% premium to Genco’s closing price on November 21, 2025 – the last trading day before Diana’s first offer. It also comes in at 6% above Genco’s net asset value, based on vessel valuations from VesselsValue, and 16% above Genco’s closing price of $23.51 on June 16.
Diana is the current largest shareholder in Ginko. The cash portion of the deal is supported by $1.433 billion of committed financing from six international banks, with no financing conditions attached.
Diana CEO Semiramis Paliou said the offering gives Genco holders “a certain immediate cash value” along with the ability to remain exposed to the Drybulk markets through Diana shares.
She also noted that Diana’s first three proposals had been rejected by Genco’s board of directors without any input. “We are eager and available to participate in good faith,” Ballio said.
Diana asks to postpone the annual meeting
Diana has formally asked Genco to postpone its annual meeting, currently scheduled for June 18, to give the board and shareholders time to properly review the enhanced offer.
The move adds a layer of urgency to what he has been pursuing for months. Diana frames the postponement request as a matter of fairness to Ginko shareholders.
The offer is presented in partnership with Star Bulk Carriers Corp. (SBLK), although it is not conditional on the completion of any transaction with Star Bulk.
Drybulk market context
Diana noted that Drybulk’s asset values are currently at or near 15-year highs, which she says makes the offer terms particularly compelling at the moment.
Ballio and other Diana executives said they intend to maintain their current ownership percentages in Diana through open market purchases after the deal closes — a sign of management’s confidence in the combined entity.
Diana said the combined company will be one of the world’s largest dry bulk operators, with greater fleet size, operational leverage, and improved trading liquidity.
Jenko has not yet responded publicly to the revised offer or Diana’s request to postpone the annual meeting.
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