Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, yesterday announced the commencement of a tender offer to purchase up to 3.125 million shares, or about 3.1%, of its outstanding common stock using funds available from cash and cash equivalents at a price of US$3.20 per share. The tender offer will expire at the end of the day, 5:00 p.m., Eastern Time, on 13 May 2019, unless extended or withdrawn.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. 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.
Copies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery are being mailed to the company’s shareholders. Additional copies of the Offer to Purchase, the related Letter of Transmittal or the Notice of Guaranteed Delivery may be obtained at the company’s expense from the information agent at (800) 248-7690 (toll free). Questions regarding the tender offer should be directed to the information agent at (800) 248-7690 (toll free). Parties outside the US can reach the information agent at +1-781-575-2137.
Read the article online at: https://www.drybulkmagazine.com/shipping/16042019/diana-shipping-begins-self-tender-offer-to-purchase-up-to-3125-million-shares/