The battle for control of the bulker owner Genco Shipping & Trading took another turn after the company’s board firmly rejected Greek rival Diana Shipping’s hostile tender offer and urged shareholders not to hand over their shares.

The latest rejection marks the second time in two months that Genco has rebuffed the $23.50-per-share offer from Diana.

The original proposal surfaced in March and was turned down by the New York-listed company’s board, before Diana revived the approach earlier this month through a hostile tender offer directed straight at shareholders.

In a filing with the US Securities and Exchange Commission, Genco said the offer “meaningfully undervalues” the company’s assets and business and fails to provide shareholders with an appropriate control premium.

The board said the offer price remained unchanged from Diana’s earlier proposal despite rising dry bulk asset values and stronger market conditions.

Genco pointed to analyst estimates placing the company’s net asset value between roughly $26.50 and $26.80 per share, well above Diana’s offer.

The company also argued that its standalone strategy would create more value for investors than accepting the bid.

Genco has repeatedly defended what it calls its “comprehensive value strategy”, highlighting shareholder returns, dividends, disciplined capital allocation and exposure to a potentially strengthening dry bulk market.

Financial advisers Jefferies and Morgan Stanley both concluded the offer was inadequate from a financial point of view to Genco shareholders, according to the filing.

The latest exchange adds another layer to one of the shipping industry’s most closely watched corporate battles this year. Diana, led by Semiramis Paliou, has steadily increased pressure on Genco in recent months, arguing that changes to governance and strategy are needed to unlock shareholder value and improve market positioning. Genco, meanwhile, has doubled down on defending its current management and board while campaigning for shareholder backing ahead of the upcoming annual meeting on June 18.