Greek shipping company Diana Shipping has officially announced its offer to acquire Genco Shipping & Trading, one of the largest American dry bulk operators.
๐น Diana is offering $20.60 per share, valuing Genco at approximately $890 million.
๐น Diana already owns 14.8% of Genco shares.
๐น The company plans to acquire the entire remaining stake and fully consolidate management.
๐น Diana’s board of directors unanimously approved the offer.
Diana stated that combining the two companies’ fleets will strengthen their position in the dry bulk market and create a more sustainable business structure. Genco has not yet officially responded to the offer, but the market expects the deal to be one of the largest consolidations in the dry bulk sector of the last decade.
๐ What is meant by “acquisition”?
Diana Shipping is making a so-called tender offerโa direct offer to Genco shareholders to purchase their shares for a fixed price. If the offer is accepted, Diana will gain control of the entire company.