Greek Diana Shipping has made a takeover bid for the 85.2 percent of the listed American dry bulk carrier Genco that the Greeks do not already own. If Genco’s shareholders accept the offer, the acquisition will create one of the largest Greek-owned dry bulk carriers with 80 ships.
Diana Shipping is offering Genco’s shareholders a price of $20.60 per share, which corresponds to a premium of 15 percent compared to the closing price on the New York Stock Exchange on November 21.
The financing for the billion-dollar deal is sourced in the Nordics, where DNB and Nordea are ready with $1.1 billion. Of this, $757 million will go towards the acquisition, and the remainder to a refinancing of Diana Shipping’s debt.
Genco operates a fleet of more than 40 dry bulk ships from supramax to newcastlemax. The company is headquartered in Manhattan.
Diana Shipping is operated from Athens and has 37 dry bulk ships at sea within five segments. The company is led by the charismatic Semiramis Paliou.
-mauh
