(Il Sole 24 Ore Radiocor) - Milano, 15 mag - Genco Shipping & Trading said its board had unanimously rejected an unsolicited tender offer from Diana Shipping to acquire all its outstanding shares at 23.50 dollars each.

The drybulk shipping company said Diana's bid "meaningfully undervalues" its assets and business, and did not provide a control premium.

Diana already holds 14.8% of Genco capital and has been trying to buy Genco for months.

"The Genco board believes that continuing to pursue its standalone plan will deliver substantially greater value for.

Genco shareholders than the offer," it said.

(RADIOCOR) 15-05-26 14:17:48 (0372) 5 NNNN