# GENCO SHIPPING & TRADING LTD (GNK) — merger/definitive [announced]
Source: SEC API (secapi.ai) · situation sit_4be134c98584e95e9758 · retrieved 2026-08-11T16:13:20.435Z

## Overview
Genco Shipping & Trading Limited is a U.S.-based drybulk ship-owning company focused on the seaborne transportation of commodities globally, operating a fleet of 43 modern vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 deadweight tons.

Diana Shipping Inc., through its wholly-owned subsidiary 4 Dragon Merger Sub Inc., commenced an unsolicited tender offer on May 4, 2026 to acquire all outstanding common shares of Genco Shipping & Trading Limited at $23.50 per share, which was increased on May 27, 2026 to $24.80 per share in cash. The offer is scheduled to expire at 5:00 p.m. New York City time on June 26, 2026, unless extended or earlier terminated. On June 1, 2026, the Genco Board received fairness opinions from both Jefferies and Morgan Stanley concluding that the $24.80 per share consideration is inadequate from a financial point of view. On June 2, 2026, the Genco Board unanimously rejected the offer and recommended that shareholders reject the tender offer and not tender their shares, determining that the offer meaningfully undervalues Genco, is below the company's net asset value (mean analyst NAV of $26.66 and median of $27.10), and fails to provide an appropriate control premium.

## Terms
- Counterparty: Diana Shipping Inc. · Consideration: cash · Price/share: $24.8

## Key dates
- Announced 2026-06-02 · Expiry 2026-06-26

## Timeline
- 2026-06-02 · SC 14D9/A (0001140361-26-023639): SC 14D9/A - GENCO SHIPPING & TRADING LTD — *Genco Shipping & Trading Limited is a U.S.-based drybulk ship-owning company focused on the seaborne transportation of commodities globally, operating a fleet of 43 modern vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 deadweight tons.* Diana Shipping Inc., through its wholly-owned subsidiary 4 Dragon Merger Sub Inc., commenced an unsolicited tender offer on May 4, 2026 to acquire all outstanding common shares of Genco Shipping & Trading Limited at $23.50 per share, which was increased on May 27, 2026 to $24.80 per share in cash. The offer is scheduled to expire at 5:00 p.m. New York City time on June 26, 2026, unless extended or earlier terminated. On June 1, 2026, the Genco Board received fairness opinions from both Jefferies and Morgan Stanley concluding that the $24.80 per share consideration is inadequate from a financial point of view. On June 2, 2026, the Genco Board unanimously rejected the offer and recommended that shareholders reject the tender offer and not tender their shares, determining that the offer meaningfully undervalues Genco, is below the company's net asset value (mean analyst NAV of $26.66 and median of $27.10), and fails to provide an appropriate control premium.
  https://www.sec.gov/Archives/edgar/data/1326200/0001140361-26-023639.txt

## Citations
- 0001140361-26-023639 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000114036126023639