Diana Shipping has allowed its hostile tender offer for US dry bulk rival Genco Shipping & Trading to expire, while leaving its separate $27.34-per-share takeover proposal on the table.

The Athens-based owner said it would not extend or revive the tender after its expiry on July 24, ending the formal process launched in May to buy Genco shares it does not already own. The move keeps the wider takeover approach alive even as the immediate bid vehicle is dropped, leaving the companies’ dispute to continue through the board-level proposal.

About 11.78 million shares had been tendered and not withdrawn by the deadline, equal to 31.6% of Genco stock outside Diana’s holding. That level of support was not enough to give Diana control, and the tendered shares will now be returned. Diana said a last-minute system error involving a change of CUSIP number may have affected the final count.

The tender offered $24.80 per share in cash. Diana’s separate non-binding proposal to Genco’s board remains valued at an implied $27.34 per share, made up of the same cash payment plus one Diana share, which the bidder values at $2.54.

Diana accused Genco of dragging out the process and misrepresenting the amount of contact between the companies’ advisers. The company, led by Semiramis Paliou, said only two calls had taken place since it increased its proposal on June 17 and called for direct negotiations now that the tender has ended.

Genco responded later on Monday, saying its advisers had discussed the price, structure and terms of the proposal with Diana’s team and that its board would continue reviewing the offer.

The New York-listed owner also rejected Diana’s claim that its fleet value had fallen by about $51 million since early June. Genco said broker valuations obtained this month showed vessel prices were still rising and maintained that any takeover would need to include a control premium above net asset value.

Genco again questioned the value of the stock component, noting that Diana shares closed at $2.25 on July 24, below the $2.54 figure used in the proposal. It also raised concerns about dilution and Diana’s agreement to sell 16 Genco ships to Star Bulk for $470.5 million if the takeover goes through.

Diana owns about 14.4% of Genco and remains its largest shareholder. The takeover effort has run alongside an unsuccessful campaign to win seats on the Genco board, with shareholders re-electing all six incumbent directors in June.

Shipping analysts at Scandinavian bank SEB said Genco’s poison pill, which caps Diana’s stake at 15%, meant the tender was always more of a pressure tactic than a route to control. They said withdrawing it removes one of Genco’s arguments for avoiding talks on the higher proposal. The 31.6% of shares tendered gives Diana added leverage, although Genco still controls the timetable and can hold out for better terms.