| NEW YORK, March 19
NEW YORK, March 19 The Washington Companies said
on Sunday it had previously made a proposal to acquire all of
the outstanding common stock of mining company Dominion Diamond
Corp. for $13.50 a share.
The all-cash $1.1 billion offer was sent to the Dominion
board of directors on Feb. 21, according to the statement, but
subsequent discussions broke down.
"We are disappointed that Dominion's board has thus far
prevented Washington from moving ahead with its proposal under
which shareholders would receive a substantial premium and
immediate liquidity," Lawrence Simkins, president of Missoula,
Montana-based Washington, said in a statement on Sunday.
"We remain fully committed to completing this transaction,"
Yellowknife, Canada-based Dominion did not immediately
respond to a request for comment.
The offer price of $13.50 represents a 36 percent premium to
Dominion's closing stock price on March 17 and a 54 percent
premium to the price when discussions ended on March 15,
according to Washington, a group of privately held North
American mining, industrial and transportation businesses
founded by Dennis Washington.
(Reporting by Lawrence Delevingne; Editing by Sandra Maler)