Diana and Genco trade fire before tender deadline

Genco urged shareholders not to tender into Diana’s offer, saying the live tender was for $24.80 per share in cash and not the $27.34 per share cash-and-stock proposal Diana has been promoting. The New York-listed bulker owner said Diana had taken two separate actions: a tender offer at $24.80 per share in cash and a separate non-binding proposal to the Genco board made up of $24.80 in cash plus one Diana share.  Genco said the tender materials had not been updated to match the later proposal and again argued that the offer undervalues the company.      Diana hit back hours later, asking why Genco was “so afraid” of the tender offer and accusing the board of relying on technical arguments instead of negotiating.      The Semiramis Paliou-led owner said shareholders tendering into the offer were sending a message that Genco should come to the table.   Diana said 10.6m Genco shares, equal to 28.4% of the outstanding shares not owned by Diana, had been tendered as of June 26. Diana owns more than 14% of Genco and has set the tender deadline for July 10 at 5pm New York time.   The company has said its latest proposal values Genco at $27.34 per share, made up of $24.80 in cash and one Diana share valued at $2.54. Genco has maintained that the tender offer itself remains cash-only at $24.80 per share and has urged shareholders not to tender.