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Market NewsNewsBillionaire Washington launches bid for Dominion Diamond

Billionaire Washington launches bid for Dominion Diamond

Dominion Diamond Corp. shares surged 25 percent after billionaire Dennis Washington went public with a $1.1 billion offer for the Canadian company after weeks of private talks hit an impasse, Bloomberg reported.

Closely held Washington Cos. made the proposal to acquire Toronto-based Dominion Diamond for $13.50 a share on Feb. 21. Dominion’s board has stalled on the offer, Washington Cos. said in a statement, according to the Bloomberg report.

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