10:42 AM EDT, 03/20/2026 (MT Newswires) -- Diana Shipping ( DSX ) said Friday the board of Genco Shipping & Trading ( GNK ) rejected its fully financed $23.50 pershare takeover bid made in partnership with Star Bulk Carriers ( SBLK ) .

The Genco board dismissed the proposal without seeking clarification while raising "false" concerns about financing, Chief Executive Semiramis Paliou said.

Diana said $1.10 billion in committed acquisition debt financing is sufficient to complete the transaction and is not contingent on the sale of vessels to Star Bulk.

The company also said it will move forward with efforts to elect independent directors to Genco's board who would consider options to maximize shareholder value, including its proposal.

Shares of Diana Shipping ( DSX ) were down 3.3%, while shares of Genco Shipping fell 1.8% in Friday trading.

Price: 2.37, Change: -0.08, Percent Change: -3.27