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Barrick Gold bids to acquire remaining Acacia shares

Section: Daily Dispatches

By Manojna Maddipatla
Tuesday, May 21, 2019

Canadian miner Barrick Gold Corp. said today it has proposed to acquire all of the shares it does not already own in Acacia Mining through a share-for-share exchange of 0.153 Barrick shares for each ordinary share of Acacia.

The proposal values Acacia, which is majority-owned by Barrick, at $787 million and total consideration to the minority shareholders of Acacia of $285 million, Barrick said.

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In its statement, Barrick said it has been negotiating with the government of Tanzania for two years to settle a tax dispute tat could allow Acacia to resume its full operations in the country.

In a results presentation this month, Barrick CEO Mark Bristow said Acacia was not cooperating in the negotiations and that Barrick was "stuck in the middle," prompting Acacia's interim CEO to criticize what he called Barrick's early intervention. ...

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