Diana Shipping has extended the buyback deadline and raised the price on a tender offer it made last month.
The New York-listed owner on April 15 began an offer to repurchase up to 3.13 million shares, or about 3.1%, of its outstanding common stock at $3.20 per share. The offer was set to expire on 13 May.
Diana today said it moved the buyback cut-off to end of business on 28 May "to allow additional time for stockholders to tender their shares" and lifted the share price to $3.40.
Computershare Trust, the offer's depositary, told Diana that 298,691 shares have been validly tendered and not properly withdrawn as of 13 May.
Another 254,061 shares have been tendered on guarantee but not yet delivered, Diana said.
In late March, Diana snapped up three-quarters of 5.18 million shares through a late February tender offer that resulted in a $10.9m reinvestment.
