Barrick Gold signage at a convention in Toronto, Canada. Picture: REUTERS/CHRIS HELGRIN
The company released a report by a consultant that put its “preferred value” at 271p a share. That’s 38% more than Barrick’s informal proposal to buy the company in an all-stock transaction currently worth 197p a share. Barrick said in a statement that it is reviewing the report against its own due diligence study of Acacia’s assets.
The extension drags out the contested takeover battle even longer and comes after Barrick was already granted a three-week delay. In an interview in June, CEO Mark Bristow said he would use the time to lobby minority shareholders, but had no intention of raising the bid price. Top officials in the East African country won’t engage with Acacia in any way, Bristow said last month, raising the possibility the situation could get even worse.
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