Acacia Mining, Barrick Granted Extension So Takeover Talks Can Continue
June 18 2019 - 11:56AM
Dow Jones News
By Oliver Griffin
Acacia Mining PLC (ACA.LN) said that U.K. regulators have
extended the deadline for majority owner Barrick Gold Corp. (ABX.T)
to make a firm offer to buy out minority shareholders in the
London-listed mining company.
In May the beleaguered miner said Canada's Barrick had made an
indicative proposal to buy the shares in Acacia that it didn't
already own. The deadline for Barrick to follow up the proposal
with a firm offer was originally set for 1600 GMT on Tuesday, but
the Canadian company asked Acacia to seek an extension to allow
talks to continue.
Acacia believes that, subject to a fair offer price and support
from shareholders, a potential buyout could be an attractive
solution for key stakeholders, it said Tuesday.
Barrick now has until July 9 to make a firm offer for the shares
or withdraw its bid.
Acacia has been locked in a tax dispute in Tanzania. The country
has canceled mining licenses for many companies, raised taxes and
royalty payments, and accused Acacia of underreporting gold and
copper production.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 18, 2019 11:41 ET (15:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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