Gem Diamonds acquires 81.51% in Kimberley

In a recent development at Kimberley, Gem Diamonds Australia, a unit of Gem Diamonds acquired 81.51% shares in Kimberley Diamond Co NL, by making a cash offer of 0.70 aud per share. Gem Diamonds said the deal was an unconditional takeover offer and it valued Kimberley at Aus$300 million (around US$265 million), according to a report by Thomson Financial.

The parent company, Gem Diamonds mentioned that after Gem Diamonds Australia acquires 90% stake of issued shares in Kimberley, it intends to own the remaining 10% and de-list Kimberley from the Australian Stock Exchange, while withdrawing its admission to trade on AIM.