Diana Shipping Inc. (NYSE: DSX) rose after the company reported commencement of self-tender offer to buy up to 4.166 million shares at $3.60 per share.
The Athens-based company, a global shipping company specializing in the ownership of dry bulk vessels, today announced the commencement of a tender offer to purchase up to 4,166,666 shares, or about 3.86%, of its outstanding common stock using funds available from cash and cash equivalents at a price of $3.60 U.S. per share.
The tender offer will expire at 5:00 P.M., Eastern Time, on December 20, unless extended or withdrawn.
The Board of Directors determined that it is in DSX’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.
Diana Shipping Inc. has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson Inc. as the information agent.
The Company's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Shares gained 14 cents, or 4.5%, to $3.28
