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Genco Shipping Board Rejects Diana Proposal As Below Intrinsic Value And NAV; Genco Open To Talks If Diana Provides Offer Reflecting Intrinsic Value And Upside Potential

Benzinga · 03/20 17:38

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Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement:

Genco's Board of Directors is committed to maximizing shareholder value. Diana's indicative proposal does not meet this standard and is not in the best interests of Genco shareholders. The proposal is well below Genco's intrinsic value and NAV and fails to provide a premium for control of Genco.

Genco's Board remains open to engaging with Diana upon receipt of an offer that appropriately reflects Genco's intrinsic value and upside potential of the Genco business.

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