July 17, 2017 / 12:26 PM / a year ago

BRIEF-Dominion Diamond to be bought by The Washington Companies

* Dominion Diamond to be acquired by the Washington Companies for US$14.25 per share in cash

* Dominion Diamond Corp - deal for ‍US$1.2 billion​

* Dominion Diamond Corp - board has unanimously determined that arrangement is in best interests of company

* Dominion Diamond Corp - ‍as part of deal Washington plans to operate co as standalone business

* Dominion Diamond - ‍if arrangement not completed as a result of a superior proposal, co required to pay Washington termination fee equal to US$43.9 million​

* Dominion Diamond Corp - ‍Washington Companies has obtained fully committed debt financing for deal​

* Dominion Diamond Corp - ‍balance of deal consideration will be funded with an equity commitment from Washington and cash on Dominion’s balance sheet​

* Dominion Diamond Corp - as part of this acquisition, Washington plans to appoint a new CEO based in Canada to Dominion management team

* Dominion Diamond - as part of deal, Washington plans to operate Dominion as a standalone business

* Dominion Diamond-if washington unable to complete arrangement in any limited circumstances, Washington to pay co reverse termination US$70.2 million ​

* Dominion Diamond Corp - ‍as part of transaction, environmental bonding obligations of Dominion will remain unchanged​

* Dominion Diamond - as part of acquisition, Washington plans to keep co’s headquarters in canada, maintain a significantly canadian management team Source text for Eikon: Further company coverage:

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