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Dominion Diamond agrees to $1.2 billion (U.S.) takeover by WashCorps

TORONTO—Dominion Diamond Corp., one of the world’s largest diamond producers, is endorsing a $1.2-billion (U.S.) friendly cash takeover bid from the Washington Companies, the Calgary-based miner said Monday.Under the tentative agreement, the privately held Montana-based company is offering $14.25 (U.S.) per share for all shares of Dominion Diamond and it will have the opportunity to match any rival bid that comes forward.“This offer is the result of a robust strategic review process and the board unanimously agrees that this offer represents the best option available to Dominion shareholders, and recommends that shareholders vote in favour of this transaction,” Jim Gowans, who chairs Dominion Diamond’s board of directors, said in a statement.Read more:Digital disruption rocks the mining worldArticle Continued BelowCanada’s international mining industry may not be living up to human rights commitments, experts sayNova Scotia’s new gold rush: Seeking riches in flecks of metals“Dominion also believes this transaction is an excellent outcome for the company’s stakeholders, including employees, community members and the Northwest Territories. The transaction allows the operation to take the next steps in mine development and ensures mining and its associated benefits continue in the North for decades to come.”

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