Genco Shipping & Trading's board has unanimously rejected Diana Shipping's revised buyout offer, calling it inadequate despite being $24.80 per share. The board, working with external financial and legal advisers, determined the offer falls short of Genco's value. Diana had increased its bid from $23.50, representing a 39% premium to Genco's closing price before the initial acquisition offer was made public.

The rejection centers on valuation concerns, with Genco stating the offer doesn't include a control premium and is below the company's net asset value. Diana had claimed Genco was unwilling to engage constructively, but Genco refuted this, saying it remains ready to meet if the offer adequately compensates shareholders. The board cited Diana's "pattern of attempting to take control without paying full and fair value."

Genco emphasized its willingness to negotiate, noting its CEO proactively reached out to Diana in June 2024 to explore a business combination. The company maintains it has engaged with Diana for two years but continues to seek proper value for its assets. With the current offer rejected, Diana may need to increase its bid significantly to gain Genco board approval, though no indication of revised terms has emerged.