RAPAPORT… The Ontario Superior Court of Justice has approved the Washington
Companies’ acquisition of Dominion Diamond Corporation, the Canada-based miner
reported Friday.
The deal’s completion still depends on Dominion holding at
least $150 million in cash if the closing occurs by November 30, or $200
million if it happens after this date. The transaction is also subject to
certain customary conditions, such as getting approval under the Investment
Canada Act.
Dominion expects the deal to close in the fourth quarter if
it meets all these requirements.
The two companies announced the $1.2 billion takeover in
July, with Dominion’s shareholders giving the deal the go-ahead last week.
Washington Nears Dominion Completion
The Bottom Line
- Ontario Superior Court of Justice approved WashingtonCompanies’ acquisition of Dominion Diamond Corporation.
- Deal requires Dominion to hold at least $150 million in cash if closing by November 30, or $200 million if later.
- Transaction awaits customary conditions, including Investment Canada Act approval, with expected closing in Q4.
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