Acacia Mining, Barrick Granted Extension So Takeover Talks Can Continue

Date : 06/18/2019 @ 4:56PM
Source : Dow Jones News
Stock : Barrick Gold Corporation (GOLD)
Quote : 17.0  0.0 (0.00%) @ 1:00AM

Acacia Mining, Barrick Granted Extension So Takeover Talks Can Continue

Acacia Mining (LSE:ACA)
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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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