Canada's Dominion Diamond Corp. ( DDC) , the third-largest diamond producer in the world by market value, is in advanced discussions with Washington Cos. regarding a sweetened cash takeover bid, Reuters reports.
Washington Cos., based in Missoula, Mont., is a group of privately held North American mining, industrial and transportation companies founded by industrialist and entrepreneur Dennis R. Washington.
The two companies are said to be currently discussing a final price for the deal, and its completion could be announced within weeks.
It was unclear how much Washington Cos. had increased its initial unsolicited cash proposal, $13.50 per share, which was the cause for Dominion to put itself up for sale in March.
Dominion, of Toronto, rejected that offer, saying it undervalued the company and terms of proposed talks were unacceptable.
Shares of Dominion Diamond were climbing over 5.3% during midday trading on Friday.
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