Wednesday, June 26, 2019 12:41:09 PM
Barrick Gold Responds To Acacia; Says Offer Does Reflect Fair Value
Wed, 26th Jun 2019 14:35
(Alliance News) - Barrick Gold Corp on Wednesday reiterated its offer for the remainder of Acacia Mining PLC is reflective of fair value, responding to a previous statement by Acacia.
On Monday, Acacia again had rejected the offer from Barrack - which already owns 64% of Acacia - saying it only would be attractive at a fair price. Acacia also disagreed with Barrick's view on the company's Tanzanian mine plans and criticised Barrick's intervention in negotiations between Acacia and the government of Tanzania.
Responding to this, Barrick said its offer of 0.153 new Barrick share per Acacia share is reflective of value "not taking into account any further discount which could be applied to reflect the significant risk inherent in the Acacia business and remaining uncertainties of any settlement with the government of Tanzania".
Moreover, Barrick said that - "in the absence of a take-private transaction" - it does not see "any credible alternative solution" that would preserve value for Acacia shareholders.
"Barrick has considered the statements made in the Acacia announcement and has concluded that the Acacia announcement contains no information of which Barrick was not already aware. Barrick therefore remains firmly of the view that certain assumptions made by Acacia in relation to its mine plans are not appropriately risked or supportable and that adjustments should be made," said Barrick.
Shares in Acacia were down 1.6% at 183.40 pence on Wednesday afternoon in London.
By Anna Farley; annafarley@alliancenews.com
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