Overview
- Genco disclosed that Diana intends to nominate six director candidates to replace the entire board at the company’s 2026 annual meeting.
- The move follows Genco’s decision this week to reject Diana’s November 24 indicative cash bid of $20.60 per share.
- Genco said the offer carries execution risks and undervalues the business, while authorizing engagement on a structure in which Genco would acquire Diana using cash and Genco equity.
- Reuters previously reported that Diana, which owns nearly 15% of Genco, plans to field nominees with maritime industry experience to consider alternatives including a review of its bid.
- Genco told shareholders no action is required now, said its board committee will review the nominees, and noted the stock closed at $19.88 after a 12-month gain of 36%.