Dominion Diamond Shares Rise

Dominion Diamond shares rose to their highest level since June 2015 on Monday after the diamond-mining company said it has agreed to be acquired by an entity affiliated with Washington Companies, a group of privately held North American mining businesses, for $14.25 a share in cash or a total equity value of $1.2 billion.

The deal represents a 44% premium to Dominion’s unaffected share price of $9.92 on March 17. DDC was at $14.03 recently, trading in a new 52-week range between $7.92 and $14.04.The deal marks the result of Dominion’s review of strategic alternatives as previously announced on March 27. The transaction is expected to close in Q4.

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