Performance Shipping has revealed more of its objections to a takeover offer from Greek shipowner George Economou that it has called “illusory”.

In an updated securities filing, the Nasdaq-listed Greek tanker company said the bid is highly conditional.

A special committee set up to examine the offer, led by chairman Alex Papageorgiou, said the terms give Economou’s Sphinx Investment Corp “wide latitude not to consummate the offer”.