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Diamond Company, Unimpressed by $1B+ Offer, Has Another Suitor

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Dominion recently fielded a $1.1B takeover offer.

Dominion Diamond Corp., which recently received a takeover offer of $1.1 billion from the Washington Cos., has another suitor, Reuters reports.

Dominion and Canada-based Stornoway Diamond Corp. have in recent months been discussing the possibility of a merger, according to the news agency, which cited unnamed “people familiar with the matter.”

Neither Dominion nor Stornoway were willing to comment for the story.

Stornoway is a small player in the diamond-mining industry, Reuters notes. The company operates a mine in Quebec.

Dominion (NYSE: DDC) officials have called the Washington Cos.’ offer “opportunistic.” In a statement, Dominion said its board believes the offer “does not recognize all of the value in the Company under its current business plan.”

Dominion announced in January that its CEO, Brendan Bell, would be resigning. He plans to stay on until June 30.

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Bell said in a press release at the time: “Both the Board of Directors and I agreed that this is an appropriate time for me to hand the reins to someone else. The decision to move the corporate offices of Dominion from Yellowknife to Calgary was necessary in order to reduce operating costs and support the long-term strength of the Company, and is one that I continue to support. For personal reasons, however, this is not the right move for my family.”

Read more at Reuters

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