Acacia Mining agrees to Barrick's improved takeover offer | 19 July 2019

Miner Acacia agrees to increased buyout offer from Barrick

Under the deal, the Toronto-based mining giant will swap 0.168 of a Barrick share for each share of Acacia in a transaction that values the company at about $1.56 billion (951 million pounds).

Barrick had spun off Acacia into a separate company in 2010, but owns about 64 per cent of the company.

Under the terms of the deal, each Acacia shareholder will receive 0.168 new Barrick shares plus any special dividend related to Acacia's exploration properties as well as any deferred cash consideration dividend paid from the sale of any of those exploration properties, according to a joint statement.

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

The offer represents a 28% premium on Acacia's shares compared to yesterday's closing price of 187p.

Barrick now owned 262,246,950, or a 63.9% stake in Acacia.

Relations between Barrick and Acacia have been strained for years, particularly after Tanzania hit Acacia with a $190 billion tax bill - later reduced to $300 million in a 2017 agreement - as Barrick took the lead in talks with the government.

The deal now allows Barrick to negotiate with the Tanzanian government over Acacia's long-running dispute in the country, where it runs three gold mines, and Geleta added that he hopes a "new partnership" can be set up with the Tanzanian government.

Acacia has been in a protracted tax battle with the government of Tanzania.

A source close to the matter told Reuters on condition of anonymity that, although the Barrick offer is not an ideal outcome, it is Acacia's best option as previous attempts to sell the company did not end well because of its problems in Tanzania.

"It's a fair offer and a good bump up", Peter Geleta, chief executive officer of Acacia, said in an interview on Friday.

Acacia still faces an imminent ban at its North Mara mine in Tanzania beginning Saturday that could halt operations at its biggest revenue earner.

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