Barrick brings Acacia back into the fold
NYSE- and TSX-listed Barrick Gold's acquisition of London-listed Acacia Mining became effective on Tuesday after all conditions precedent were either met or waived.
Barrick in June proposed a takeover offer to other Acacia shareholders of 193p a share.
Acacia rejected Barrick's initial buyout offer, but in July, following negotiations, agreed to an increased offer of 232p a share.
Acacia was established in 2010, when Barrick spun out its African operations into a separate entity, then called African Barrick Gold (ABG).
Barrick retained a 64% interest in ABG, which, in 2014, changed its name to Acacia Mining.Tanzania-focused Acacia had been in a protracted dispute with Tanzanian authorities about its gold operations in that country.
Barrick, which is led by CEO Mark Bristow, in December 2018 acquired London-listed Randgold Resources, which also holds operations in Africa.
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