17 July 2017
Dominion Diamond Corporation and The Washington Companies, a group of privately held North American mining, industrial and transportation businesses founded by industrialist and entrepreneur Dennis R. Washington, today announced that they have entered into an arrangement agreement under which an entity affiliated with Washington will acquire all of Dominion’s outstanding common shares for US$14.25 per share in cash or a total equity value of approximately US$1.2 billion pursuant to a plan of arrangement under the Canada Business Corporations Act. The transaction represents a 44 percent premium to Dominion’s unaffected share price of US$9.92 on March 17, 2017. The transaction marks the result of Dominion's review of strategic alternatives as previously announced on March 27, 2017. The Board of Directors of Dominion, after consultation with financial and legal advisors, and based on the recommendation of a special committee of the board consisting of four independent directors, has unanimously determined that the arrangement is in the best interests of the company, approved the arrangement and recommends that Dominion’s shareholders vote in favour of the arrangement. All directors of the company have entered into support agreements to vote their common shares in support of the arrangement.