Stock Market

Acacia Mining Shares Jump

Shares of Acacia Mining (ACA.L), which operates in Africa, jumped early on Friday after the company said it has reached an agreement on the terms of an improved offer from Canada’s Barrick Gold, which lifted its bid for the shares that it does not already own in its subsidiary to 951 million pounds ($1.19 billion).

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.

Barrick, which is the world’s largest gold miner and currently owns 63.9% of Acacia’s shares, had earlier offered to offer 0.153 of a new common share of Barrick for every ordinary share in Acacia.

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Acacia, a mining company that operates from Tanzania but is listed on the UK’s London Stock Exchange, has been at loggerheads with its parent, demanding a higher valuation for its assets.

The joint statement pointed out that an independent technical value of the Acacia exploration properties reflects an attributable value range of $37 million at the lower end and $87 million at the upper, and a preferred value of $57 million.

Shareholders “should not assume that the exploration value will be achieved through the sale of the properties and that net proceeds will be payable to Acacia shareholders as special dividends,” the joint statement added.

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