# Diana Shipping takeover attempt of Genco Shipping > Live situation record from CLSTR: https://clstr.news/situations/diana-shipping-takeover-attempt-of-genco-shipping > Updated: 2026-08-10T22:54:57.000Z. Sources: 8. Developments: 2. Diana Shipping has launched a proposal to acquire Genco Shipping & Trading, offering a combination of $24.80 in cash and one Diana share for each Genco share. The Genco board initially resisted the takeover, arguing that the offer would reduce the value of Genco’s dividend stream, which they projected could exceed $1 per share in 2026. Genco also cited strong fleet performance and rising Capesize freight rates as factors increasing its independent platform value. In a subsequent development, Diana Shipping and Star Bulk Carriers Corp. mutually agreed to terminate a previous agreement for Star Bulk to acquire 16 vessels from Genco. Diana Shipping confirmed that its acquisition proposal for Genco remains active and that it has secured $1.411 billion in financing from six international banks to fund the deal. Diana noted that the Genco Board of Directors has not yet provided a substantive response to its revised proposal. ## Timeline ### 2026-08-10: Diana Shipping and Star Bulk terminate Genco vessel sale agreement Diana Shipping and Star Bulk Carriers have terminated an agreement for the sale of 16 Genco vessels, though Diana’s $1.411 billion bid to acquire Genco remains active. 6 sources. https://clstr.news/cluster/diana-shipping-and-star-bulk-terminate-genco-vessel-sale-agreement ### 2026-08-08: Genco Shipping resists Diana Shipping takeover offer over dividend concerns Genco Shipping's board questions Diana Shipping's $24.80‑plus‑share takeover offer, citing strong dividends and rising Capesize freight rates that boost earnings. 2 sources. https://clstr.news/cluster/genco-shipping-resists-diana-shipping-takeover-offer-over-dividend-concerns --- Cite as: Diana Shipping takeover attempt of Genco Shipping. CLSTR, https://clstr.news/situations/diana-shipping-takeover-attempt-of-genco-shipping