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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

EXCLUSIVE-Washington Companies in talks to buy Canada's Dominion Diamond -sources

Fri 14th July, 2017 4:58pm
By Susan Taylor and John Tilak 
    TORONTO, July 14 (Reuters) - Dominion Diamond Corp  DDC.TO  
 DDC.N  of Canada, the world's third-largest diamond producer by 
market value, is in advanced, friendly talks with the Washington 
Companies on a sweetened cash takeover bid, sources told 
Reuters. 
    Negotiations are currently focused on the two sides settling 
on a price, said the sources, who declined to speak publicly on 
the matter. A deal could be announced within weeks, they said.  
    It was unclear how much Washington Companies had increased 
its initial unsolicited cash proposal, of $13.50 a share, which 
was the catalyst for Dominion to formally put itself up for sale 
in March.  urn:newsml:reuters.com:*:nL3N1H43PI 
    Dominion, which owns a majority stake in the Ekati mine and 
minority share of the nearby Diavik mine in Canada's Northwest 
Territories, had rejected Washington's initial advance, saying 
it undervalued the company and terms of proposed talks were 
unacceptable. 
    The Washington Companies are a group of privately held North 
American mining, industrial and transportation businesses 
founded by industrialist and entrepreneur Dennis R. Washington. 
    Washington Companies declined to comment, while Dominion was 
not immediately available for comment. 
 
 (Reporting by Susan Taylor and John Tilak; Editing by Denny 
Thomas) 
 ((susan.taylor1@thomsonreuters.com; +1 416 941 8083; Reuters 
Messaging: susan.taylor1.thomsonreuters.com@reuters.net)) 
 
Keywords: DOMINION DIAMOND M&A/WASHINGTONCOMPANIES (EXCLUSIV
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