Connect with us

Headlines

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

mm

Published

on

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.

Advertisement

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

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

Promoted Headlines

Most Popular