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DDC - Dominion Diamond News Story

$14.24 -0.0  -0.1%

Last Trade - 01/11/17

Sector
Basic Materials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £497.4m
Position in Universe th / 6841

BRIEF-Dominion Diamond to be bought by The Washington Companies

Mon 17th July, 2017 1:00pm
July 17 (Reuters) - Dominion Diamond Corp  DDC.TO : 
    * Dominion Diamond to be acquired by the Washington 
Companies for US$14.25 per share in cash 
    * Dominion Diamond Corp - deal for US$1.2 billion 
    * Dominion Diamond Corp -  board has unanimously determined 
that arrangement is in best interests of company 
    * Dominion Diamond Corp - as part of deal Washington plans 
to operate co as standalone business 
    * Dominion Diamond - if arrangement not completed as a 
result of a superior proposal, co required to pay Washington 
termination fee equal to US$43.9 million 
    * Dominion Diamond Corp - Washington Companies has obtained 
fully committed debt financing for deal 
    * Dominion Diamond Corp - balance of deal consideration 
will be funded with an equity commitment from Washington and 
cash on Dominion's balance sheet 
    * Dominion Diamond Corp -  as part of this acquisition, 
Washington plans to appoint a new CEO based in Canada to 
Dominion management team 
    * Dominion Diamond - as part of deal, Washington plans to 
operate Dominion as a standalone business 
    * Dominion Diamond-if washington unable to complete 
arrangement in any limited circumstances, Washington to pay co 
reverse termination US$70.2 million  
    * Dominion Diamond Corp - as part of transaction, 
environmental bonding obligations of Dominion will remain 
unchanged 
    * Dominion Diamond -  as part of acquisition, Washington 
plans to keep co's headquarters in canada, maintain a 
significantly canadian management team 
 
Source text for Eikon:  ID:nBw5K0qMpa  
Further company coverage:  DDC.TO  
 
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