Deals
Dominion Diamond Surges on Offer by Billionaire Washington
- Offer values the Toronto-based mining firm at $1.1 billion
- Dominion’s board stalls on proposal of $13.50 a share
Dominion Diamond Surges on Takeover Offer
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Dominion Diamond Corp. headed for the biggest gain in eight years after billionaire Dennis Washington went public with a $1.1 billion offer for the Canadian company after weeks of private talks hit an impasse.
Closely held Washington Cos. made the proposal to acquire Toronto-based Dominion Diamond for $13.50 a share on Feb. 21. Dominion’s board has stalled on the offer, Washington Cos. said in a statement Sunday. The bid carried a 36 percent premium to Dominion’s closing price on Friday. The stock rose 24 percent to $12.29 at 9:48 a.m. in New York Monday.