Diana Shipping has withdrawn its bid to acquire Genco Shipping & Trading, concluding a nearly year-long takeover battle. The decision comes after Genco presented demands that Diana Shipping deemed unrealistic and potentially misaligned with shareholder interests.

Diana stated that Genco's requirements, including a cash consideration of $27.50 per share, an additional $2.00 per share for expected dividends, and three Diana shares, were unattainable for any credible acquiror. Based on Diana's closing price on Thursday, this implied a total value of approximately $36.91 per Genco share.

This proposed price represented a significant premium, 42% above Genco's Thursday closing price and 57% above its closing price the day before Diana's most recent offer. Diana Shipping's withdrawal effectively ends the protracted acquisition efforts.