India, May 15 -- Drybulk shipowner Genco Shipping & Trading Limited (GNK) on Friday said its board rejected an unsolicited tender offer from Diana Shipping Inc. to acquire the company for $23.50 per share in cash.
The board said the offer significantly undervalues the company and is below the mean analyst NAV estimate of $26.54 per share, while the median estimate stands at $26.80. The company also said the offer lacks an adequate control premium.
Genco added that the offer price was unchanged from Diana Shipping's earlier proposal, which had also been rejected.
Genco also said the offer is subject to multiple conditions that create uncertainty around whether the transaction would be completed.
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