17th Sep 2019 14:18
(Alliance News) - Acacia Mining PLC on Tuesday said its shares will be cancelled from trading this week ahead of Barrick Gold Corp's takeover of the company.
Last Friday, the UK High Court approved the takeover, which values Acacia at GBP951 million.
As a result, Acacia's shares will be suspending from trading on the London Stock Exchange's Main Market, before being cancelled on Thursday.
Acacia agreed to Barrick's acquisition bid in July. Barrick already owned a 64% stake in Acacia and offered 0.168 of its own shares per Acacia share that it did not already own.
This implied the Acacia shares had a value of 232.00 pence, a 54% premium to the company's closing price of 151.00p on May 20, the day before Barrick announced a possible offer.