Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced that it is amending the terms of its previously announced cash tender offer to purchase up to 6,000,000 shares of its outstanding common stock to increase the price at which it will purchase shares of common stock to $2.50 per share from $2.00 per share.
The closing price of the Company’s common shares on January 12, 2021, the last full trading day prior to the Company’s announcement of its intention to increase the purchase price for the shares, was $2.35 per share. The closing price of the Company’s common shares on December 14, 2020, the last full trading day prior to the commencement of the Tender Offer, was $1.80. The number of common shares that the Company is offering to purchase remains unchanged at 6,000,000 shares, and the maximum aggregate size of the offering will increase from $12.0 million to $15.0 million.
In addition, the Company has extended the Expiration Date, so that the Tender Offer, the proration period and withdrawal rights will now expire at 5:00 p.m., EasternTime, on Wednesday, January 27, 2021, unless further extended or earlier terminated.
Stockholders who have previously validly tendered and not withdrawn their shares do not need to re-tender their shares or take any other action in response to this amendment to increase the purchase price and extend the Tender Offer, and if such shares are not withdrawn prior to the Expiration Date will receive the amended purchase price for their shares. The terms and conditions of the Tender Offer, prior to the amendment described in this press release, were set forth in the Company’s “Offer to Purchase” and “Letter of Transmittal”, each dated December 15, 2020, as amended on December 22, 2020, and the other related materials that the Company distributed to stockholders, which were filed with the Securities and Exchange Commission (“SEC”) as exhibits to the Company’s Schedule TO on December 15, 2020 (as amended by Amendment No. 1 to the Schedule TO dated December 22, 2020).