Diana Shipping Inc. Focuses Proxy Contest on Election of Jens Ismar and Paul Cornell to Genco Shipping & Trading Board
Diana Shipping (DSX) is intensifying its hostile takeover bid for Genco Shipping (GNK) by focusing its proxy contest on the election of two independent nominees, Jens Ismar and Paul Cornell, to the Genco Board. Diana has withdrawn four other nominees and is urging shareholders to vote 'WITHHOLD' on two incumbent Genco nominees, linking the continuation of its $24.80 per share all-cash tender offer to the election of Ismar and Cornell. The company holds 14.4% of Genco's shares and argues that board change is necessary to unlock value, citing ISS support for removing Genco's poison pill.
Key figures
- Deal Value Usd
- $24.80 per share
- Offer price current
- $24.80 per share
- Offer price initial
- $23.50 per share
- Diana gnko shares owned
- 6264548
- Diana gnko ownership pct
- 14.4%
AI analysis
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