Gem Diamonds to purchase Kimberly shares

As per reports from Kimberley Diamond Co NL, Gem Diamonds Australia Ltd. has received approvals from the Foreign Investment Review Board to purchase all shares of Kimberly in cash. According to the deal, Gem will pay A$0.70 (US$0.61) per share, which is a 33 percent premium to Kimberley�s closing share valued at A$300 million ($262 million). The board of Kimberly Diamonds gave its approvals to Gem on July, 19.