WashCorps makes unsolicited offer of $1B for Dominion Diamond
March 21, 2017
The Washington Corporations has offered to acquire Canadian mining company Dominion Diamond (TSX, NYSE: DDC) for a reported $1.1 billion. However, the target has characterized the unsolicited bid as a "self-interested" attempt to learn of Dominion's business and prospects and made clear to investors that WashCorps "does not have experience in the highly specialized diamond mining and marketing industry." WashCorps offered $13.50 for Dominion on February 21, a 36% premium to its closing price Friday, per Bloomberg. Dominion closed up 23% at C$16.27 (~$12.19) in Toronto on the news Monday.