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A formal tender offer from Diana Shipping for Genco Shipping & Trading Limited has lapsed without a deal.
What keeps this from reading as a clean break: Genco's board says it will continue engaging in good faith and is separately reviewing a non-binding indicative proposal Diana has put forward.
What the expiration settles Tender offers are time-bounded instruments. When the deadline passes and target shareholders have not tendered sufficient shares, the bid lapses and the formal acquisition attempt ends.
That clock has now run out on Diana's offer for Genco. The expiration removes the pressure a formal offer creates; neither board is now obligated to move on any particular schedule.
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