# GENCO SHIPPING & TRADING LTD (GNK) — going_private [completed]
Source: SEC API (secapi.ai) · situation sit_3d0876e7eecde58c7e5b · retrieved 2026-08-11T15:52:44.595Z

## Overview
Genco Shipping & Trading Limited is a Marshall Islands corporation engaged in deep sea foreign transportation of freight, operating dry bulk vessels.

Diana Shipping Inc., which owns 14.4% of Genco Shipping & Trading Limited (6,264,548 shares), commenced a tender offer through its wholly owned subsidiary 4 Dragon Merger Sub Inc. to acquire all outstanding Genco common shares not already owned by Diana. The offer was initially made at $23.50 per share in cash on May 4, 2026, increased to $24.80 per share in cash on May 27, 2026, and further increased on June 17, 2026 to $27.34 per share in total implied value, comprised of $24.80 in cash plus one Diana share valued at $2.54 (based on Diana's 30-day volume-weighted average price as of June 16, 2026). As of June 26, 2026, 10,583,484 shares (28.4% of outstanding shares not owned by Diana) had been tendered. The tender offer expires on July 10, 2026 at 5:00 p.m. New York City time. Diana has committed $1.412 billion in financing with no financing condition. The offer is conditioned on, among other things, Genco entering into a definitive merger agreement, shareholder approval by majority on a fully diluted basis, termination of Genco's shareholder rights plan, and Genco Board approval under affiliate transaction provisions.

## Terms
- Counterparty: Diana Shipping Inc. · Consideration: mixed · Premium: 53.0% · Stake: 14.4% · Price/share: $27.34

## Key dates
- Expiry 2026-07-10 · Completed 2026-07-08

## Timeline
- 2026-07-08 · SC 13D/A (0001104659-26-081696): Diana Shipping raises Genco offer to $27.34/share ($24.80 cash + 1 Diana share); tender expires July 10 — *Genco Shipping & Trading Limited is a Marshall Islands corporation engaged in deep sea foreign transportation of freight, operating dry bulk vessels.* Diana Shipping Inc., which owns 14.4% of Genco Shipping & Trading Limited (6,264,548 shares), commenced a tender offer through its wholly owned subsidiary 4 Dragon Merger Sub Inc. to acquire all outstanding Genco common shares not already owned by Diana. The offer was initially made at $23.50 per share in cash on May 4, 2026, increased to $24.80 per share in cash on May 27, 2026, and further increased on June 17, 2026 to $27.34 per share in total implied value, comprised of $24.80 in cash plus one Diana share valued at $2.54 (based on Diana's 30-day volume-weighted average price as of June 16, 2026). As of June 26, 2026, 10,583,484 shares (28.4% of outstanding shares not owned by Diana) had been tendered. The tender offer expires on July 10, 2026 at 5:00 p.m. New York City time. Diana has committed $1.412 billion in financing with no financing condition. The offer is conditioned on, among other things, Genco entering into a definitive merger agreement, shareholder approval by majority on a fully diluted basis, termination of Genco's shareholder rights plan, and Genco Board approval under affiliate transaction provisions.
  https://www.sec.gov/Archives/edgar/data/1326200/0001104659-26-081696.txt

## Citations
- 0001104659-26-081696 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926081696