India, March 20 -- Diana Shipping Inc. (DSX) on Friday intensified its push to acquire Genco Shipping & Trading Limited, urging the company's board to engage in good faith negotiations and allow shareholders the opportunity to realize what it described as a premium valuation.
The Athens-based dry bulk shipping company, which already owns about 14.8% of Genco, said its increased all-cash offer of $23.50 per share, made in partnership with Star Bulk Carriers Corp., is fully financed and carries no execution risk.
Diana said its $1.433 billion financing package for the proposed acquisition is fully committed and not dependent on any vessel sales to Star Bulk. It added that $1.102 billion of committed acquisition debt financing alone is suffi...