Diana Shipping launches proxy fight to replace Genco’s board after Genco rejected a $20.60/share offer.

Diana Shipping plans a proxy fight to replace six Genco Shipping & Trading board members after Genco rejected Diana’s $20.60 per share cash offer, a 15% premium to its November 21 stock price. Diana, holding nearly 15% of Genco, says the merger would benefit shareholders and drive consolidation in dry bulk shipping. The move follows a six-week delay by Genco’s board in responding to the offer. Genco’s stock closed at $19.88, up 36% over the past year, but the company has not commented on the proxy attempt.