Canada’s BNN is reporting that Dominion Diamond and Stornoway Diamond have held talks about a potential merger. Dominion, which owns the Ekati diamond mine in Canada’s Northwest Territories and a 40% stake in the nearby Diavik mine, is currently the target of a $1.1 billion bid by Washington Companies and Stornoway.

The article speculates that Stornoway’s CEO could become CEO of the merged group. Dominion said in a statement that its board had considered Washington’s unsolicited proposal, but the terms of the proposal were unacceptable. Dominion shares closed at $12.20.