Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced the commencement of a tender offer to purchase up to 3,529,411 shares, or about 4.0%, of its outstanding common stock, using funds available from cash and cash equivalents on hand at a price of $4.25 per share.
The tender offer will expire at the end of the day, 5:00 P.M., Eastern Time, on December 21, 2021, unless extended or withdrawn.
The Board of Directors determined that it is in the Company’s best interest to repurchase shares at this time given Diana Shipping’s cash position and stock price.
The tender offer is not conditioned upon any minimum number of shares being tendered; however, the tender offer is subject to a number of other terms and conditions, including without limitation the completion of the Company’s previously announced spin-off of OceanPal Inc. Shareholders that tender their shares in the tender offer and do not otherwise transfer their shares prior to the spin-off distribution date will receive OceanPal Inc. common shares in accordance with the terms of the spin-off transaction.
Specific instructions and an explanation of the terms and conditions of the tender offer are contained in the Offer to Purchase and related materials that are being mailed to shareholders.
Diana Shipping Inc. has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson LLC as the information agent.