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The Washington Companies to acquire Dominion for $1.2 billion

18 july 2017
Dominion Diamond Corporation has agreed to be acquired by The Washington Companies for approximately US$1.2 billion, or US$14.25 per share in cash. The transaction represents a 44 percent premium to Dominion’s unaffected share price of US$9.92 on March 17, 2017.
The Washington Companies is a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington.
After consultation with financial and legal advisors and based on the recommendation of a special committee, the Dominion's board of directors has unanimously determined that the arrangement is in the best interests of the company.
Washington Companies plans to extend the mine life of Ekati project for decades, consistent with the current development plan, and to operate Dominion as a standalone business.
“The Washington Companies’ commitments to safety, operational excellence, innovation and world-class management teams position us favourably for long-term success at the Ekati and Diavik mines for the benefit of all Dominion Diamond stakeholders,” said Dennis Washington, Founder of The Washington Companies. “I look forward to the next chapter of continuing to build and support successful, safe business operations in the Northwest Territories.”
Jim Gowans, Dominion's chair, said: “The Washington offer delivers compelling and immediate value to Dominion shareholders at an attractive premium that recognizes the intrinsic value of Dominion and provides shareholders certainty through an all-cash offer… Dominion also believes this transaction is an excellent outcome for the company’s stakeholders, including employees, community members and the Northwest Territories."

Theodor Lisovoy, Rough&Polished, Moscow