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Diana Shipping Inc. Challenges Genco Shipping & Trading's Repeated Efforts to Avoid Engagement By Shifting its Own Valuation Methodology
Benzinga·
Diana Shipping Inc. criticizes Genco Shipping & Trading for shifting valuation methodologies to avoid engaging with its $24.80 per share all-cash acquisition offer. Diana argues it has consistently offered approximately 1.0x NAV based on broker valuations Genco itself used for five years, while Genco has now adopted new valuation methods and demands a control premium. Diana calls on Genco to agree to an independent valuation process and remove its poison pill to allow shareholders to decide on the offer.
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