U.S. firm to squeeze Dominion Diamond in $1.2B US deal

U.S-based firm The Washington Companies is shopping Dominion Diamond Corporation, one of a world’s largest solid producers, for $1.2 billion US. 

Under a terms of a deal, a auxiliary of The Washington Companies will squeeze all of Calgary-based Dominion’s superb common shares for $14.25 US ($18.03 CDN) a share, a companies announced in a news recover Monday.

The deal will give The Washington Companies tenure of Dominion’s land including dual in a Northwest Territories. The Washington companies will take determining interest in a Ekati cave and 40 per cent tenure of a Diavik mine.

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• Dominion Diamond offers itself for sale after unsolicited $1.1B bid

Officials from The Washington Companies say they devise to designate a new CEO formed in Canada to a Dominion government team. The recover also says Dominion’s domicile will stay in Canada and have a significantly Canadian government team.

The association says it will continue a recruitment, training and practice of Indigenous people and honour a existent commitments to a Indigenous communities.

In March, Dominion Diamond Corporation pronounced a $1.1-billion US takeover bid by The Washington Companies undervalued a association and was a “highly opportunistic” try by a U.S. firm to see a trusted information.

The understanding still requires shareholder and other approvals. It’s approaching to tighten in a fourth quarter.

Article source: http://www.cbc.ca/news/canada/north/dominion-diamond-sold-washington-companies-1.4208284?cmp=rss