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Dominion Goes Private as Takeover Deal Closes
Nov 2, 2017 3:49 AM
By Rapaport News
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RAPAPORT... The Washington Companies, a group of mining businesses, has
completed its acquisition of Dominion Diamond Corporation after receiving all
the required approvals.
Dominion will operate as a standalone, private company under
the leadership of new CEO Patrick Evans, who assumes the role with immediate
effect, the companies said Wednesday.
The $1.2 billion acquisition, which the firms announced in
July, got the go-head from Dominion shareholders, as well as from the Canadian
minister of innovation, science and economic development, and from the nation’s
commissioner of competition.
As a result of the deal, Dominion will no longer be a publicly traded company. Its shares on the Toronto Stock Exchange and the New
York Stock Exchange were suspended at the end of trading on Wednesday. The
company will cease to be listed on the Canadian platform by the end of trading
on Thursday.
Dominion’s board will also admit two new directors who have experience in business and mining,
the companies said. One of these is Rolin Erickson, president of Montana
Resources, a copper and molybdenum mine owned by Washington.
“I will work relentlessly with management and our talented
employees to help realize the long-term potential of Dominion’s world-class
assets, specifically by extending the life of the Ekati mine,” Evans said. Part
of this plan will be to develop the Jay extension project, which Dominion predicts will add a decade to the Ekati deposit’s life span, Evans added.
“We fully support Dominion’s existing strategy and its
exceptional employees, and we are confident that Dominion will continue to
offer long-term benefits to all of the company’s stakeholders,” said Washington Companies president Lawrence
Simkins. |
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Tags:
Canada, Diavik, Dominion, Dominion Diamond Corporation, ekati, Lawrence Simkins, Minine, New York Stock Exchange, Patrick Evans, Rapaport News, Rolin Erickson, Toronto Stock Exchange, Washington, Washington Companies
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