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Dominion Diamond reviewing options after US$1.1B takeover offer

Dominion Diamond Corp. is reviewing its options, including the sale of the company or other strategic transactions, after recently receiving an unsolicited US$1.1 billion takeover offer from The Washington Companies.

As a result, the company's largest shareholder M&G Investments indicated that Dominion Diamond should initiate a formal sales procedure. M&G has an approximate 11% stake in the company.

Dominion Diamond said March 27 that it formed a special committee, comprising directors Trudy Curran, David Smith, Josef Vejvoda and Chairman James Gowans, to undertake the process.

The company operates the Ekati diamond mine and has a 40% interest in the Diavik mine, which is operated by Rio Tinto. Both mines are located in Canada's Northwest Territories.

Dominion Diamond's stock rose 3.4% on speculation that majors, such as Rio Tinto and Anglo American Plc's De Beers SA subsidiary, may now make a bid, according to a same-day Reuters report.

The company has also been in discussions with Stornoway Diamond Corp. since January for a potential tie-up.