Diana Shipping has extended its takeover proposal for Genco Shipping & Trading by two weeks, signaling that the Semiramis Palaiou group remains committed to acquiring a majority stake in the rival dry bulk carrier.
The extension comes after the initial offer period lapsed without securing the necessary shareholder approval, but the bidder has chosen to keep the deal on the table rather than withdraw.
The move underscores the intensity of the corporate confrontation between the two shipping firms, which has become one of the most significant control battles in the Wall Street shipping community in recent years.
Genco’s management has previously resisted the approach, leading to a protracted standoff that has kept investors focused on the potential consolidation of the dry bulk fleet.
By extending the deadline, Diana Shipping aims to give Genco shareholders more time to consider the offer, potentially leveraging market sentiment or operational developments to sway votes.
The situation highlights the strategic value placed on Genco’s fleet and balance sheet, as well as the determination of the Palaiou family to expand its footprint in the sector.