viewAcacia Mining

Acacia Mining agrees to offer from parent Barrick Gold

The bid is worth around 10% more than Barrick originally said it would offer

Barrick will hope the takeover can broker a settlement of the dispute with Tanzania

Acacia Mining PLC’s (LON:ACA)  directors have recommended a takeover offer from parent Barrick Gold worth 232p per share.

The bid is around 10% more than Barrick originally said it would offer and follows two months of wrangling between the companies.

Terms are 0.168 of a Barrick share for each one in Acacia, which compares to the original approach of 0.153-to-one.

Acacia's exploration assets are also to be sold with any substantial gains distributed to shareholders.

Barrick is negotiating with the Tanzanian government to settle a dispute that has seen Acacia banned from exporting gold and copper concentrates since 2017.

Acacia has not been a party to those discussions.

Barrick, meanwhile, had been criticised by a number of institutional shareholders over the perceived low price of its initial approach.

The Canadian giant already owns almost two-thirds of Acacia.

At the new offer price, the outstanding minority shares are valued at £343mln and the miner in total at £951 mln.

Acacia has three producing mines in Tanzania  - North Mara, Bulyanhulu and Buzwagi.

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