13th Sep 2019 15:18
(Alliance News) - Acacia Mining PLC on Friday said its acquisition by Barrick Gold Corp has been sanctioned, leading to trading in Acacia shares to likely be cancelled on Wednesday next week.
Barrick's offer was for 0.168 of its own shares per Acacia share, which implies a value of 232 pence per Acacia share. The acquisition values the entirety of Acacia at GBP951 million. Given Barrick already had a 64% stake before the buy, Barrick will be paying GBP343 million for the stock it does not already own.
The High Court of Justice in England & Wales sanctioned the scheme of arrangement.
Acacia directors "Peter Geleta, Rachel English, Steve Lucas, Deborah Gudgeon, Alan Ashworth and Adrian Reynolds" are expected to resign on Tuesday next week, with Martin Welsh and Graham Shuttleworth will be appointed as new Acacia directors.
Shares in Acacia were down 2.5% at 236.00 pence in London on Friday afternoon. Barrick shares were up 1.5% at USD17.38 in New York.