Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, confirmed that Diana Shipping, has announced a revised tender offer to acquire all outstanding common shares of Genco not already owned by Diana at a price of $24.80 per share in cash.

Genco’s Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the revised tender offer to determine the course of action that it believes is in the best interests of the Company and all shareholders, consistent with the Board’s fiduciary duties.

As previously disclosed, the Genco Board has reviewed and unanimously rejected prior proposals from Diana, including proposals at $20.60 and $23.50 per share and a prior tender offer at the same $23.50 per-share price.

The revised tender offer is under consideration by Genco’s Board. Genco will issue its formal recommendations to shareholders regarding Diana’s revised tender offer by filing with the U.S. Securities and Exchange Commission an amended recommendation statement on Schedule 14D-9.

With respect to Diana’s tender offer, Genco shareholders do not need to take any action at this time. Genco’s Board recommends that shareholders vote the WHITEproxy card “FOR” Genco’s nominees, “WITHHOLD” on Diana’s nominees and “AGAINST” their shareholder proposals.

Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors.