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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acacia Mining Plc | LSE:ACA | London | Ordinary Share | GB00B61D2N63 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 234.00 | 234.60 | 235.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
By Adam Clark
Acacia Mining PLC (ACA.LN) shares fell on Wednesday after its board said it would consider a takeover proposal from former parent Barrick Gold Corp. (GOLD), as a possible way to resolve its dispute with the Tanzanian government.
Barrick, which still has a 64% stake in Acacia, said late Tuesday that it had proposed acquiring the London-listed miner via a stock swap of 0.153 Barrick share for each share of Acacia it doesn't already own.
The deal implies a value for Acacia of $787 million and total consideration to Acacia's minority shareholders of $285 million, Barrick said.
Acacia shares at 0753 GMT traded down 4.6% at 152.10 pence, valuing the company at 623.7 million pounds ($793.1 million).
Acacia has been locked in a tax dispute in Tanzania, which canceled mining licenses for many companies, raised taxes and royalty payments and accused the company of underreporting gold and copper production. Barrick said Tuesday that the basis for a settlement has been developed but the Tanzanian government has refused to enter into a deal directly with Acacia.
The board of Acacia said it would seek clarification of the Tanzanian government's position and advised shareholders to take no action in the meantime.
Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones
(END) Dow Jones Newswires
May 22, 2019 04:27 ET (08:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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