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Barrick Gold given extension on Acacia Mining offer

Tue, 18th Jun 2019 15:36

(Sharecast News) - Barrick Gold has been given more time to either announce a firm offer for Acacia Mining or walk away.The company, which originally had until the end of play on Tuesday, now has until 1700 BST on 9 July to consider its options.Acacia announced back in May that it had received an indicative proposal from Barrick about a possible offer for the remaining shares in the company that it does not already own. It said at the time that the consideration would be in the form of new common shares in Barrick, with Acacia shareholders receiving 0.153 of a new common share of Barrick for each of their ordinary shares.Broker Peel Hunt said in a note after the announcement that the offer was "low ball" and "opportunistic"."It is smart, but we do not think it will not be accepted by the Acacia shareholders," it said.It said that Acacia operations alone without a resolution with the Government of Tanzania were worth 186p or 0.195 equivalent ABX shares, which is 27% higher than the ABX proposal on its estimates. With a resolution, the shares are worth at least 215p or 0.225 equivalent ABX shares, which is a 47% premium to the ABX proposal on Peel's estimates.Meanwhile, Berenberg said in a note on Tuesday that the indicative offer, which implies a 173p a share valuation, sits well below its new 224p price target and at the low end of its 158p to 245p valuation range.The bank, which upped its stance on Acacia shares to 'hold' from 'sell', said the indicative offer appears "opportunistic" and came soon after Barrick announced that it was nearing a settlement with the government of Tanzania."We therefore question the fairness of the offer at a time when Barrick is the only shareholder with the ability to assess the fair value of the company," it said.

More News

23 Jul 2018 12:53

Monday broker round-up

(Sharecast News) - Hargreaves Lansdown: Jefferies downgrades to underperform with a target price of 1,650p.

20 Jul 2018 08:49

TOP NEWS: Acacia Earnings Slide As Tanzania Woes Continue To Bite

LONDON (Alliance News) - Acacia Mining PLC on Friday said profit slumped in the first half of its current financial year due to lower production, as the Tanzanian ban on metal concentrates to the

20 Jul 2018 07:39

LONDON MARKET PRE-OPEN: Acacia Profit Slump; HomeServe Trading In Line

LONDON (Alliance News) - Stocks in London are set to open marginally lower on Friday amid weak investor sentiment after US President Donald Trump criticised the US Federal Reserve, while reported a a

6 Jul 2018 08:40

LONDON MARKET OPEN: Stocks Higher; Inmarsat Dives On Offer Rebuff

LONDON (Alliance News) - Stock prices in London were broadly higher early on Friday with M&A action prominent, leading to both Inmarsat and BCA Marketplace in in

6 Jul 2018 08:25

Acacia Mining Quarterly Production Drops On Reduced Operations

LONDON (Alliance News) - Acacia Mining PLC on Friday posted a drop in quarterly gold production from the previous year due to reduced operations at one of its mines and stockpile processing at its

6 Jul 2018 07:42

LONDON MARKET PRE-OPEN: Stocks Seen Up; Inmarsat Rebuffs New Proposal

LONDON (Alliance News) - Stock prices in London are called for a higher open on Friday despite the start of US tariffs on Chinese goods, in a fairly thin morning for UK company news. Among the large

12 Jun 2018 08:55

Acacia Mining Reports Fatal Accident At North Mara Gold Mine

LONDON (Alliance News) - Acacia Mining PLC on Tuesday said that a accident at North Mara gold mine located in the Mara region of Tanzania led to the death of a contractor's operator early said

19 Apr 2018 07:01

LONDON MARKET EARLY CALL: Stocks Called Higher As Commodities Surge

LONDON (Alliance News) - Stock prices in London are seen opening higher on Thursday, continuing gains made on Wednesday, as a falling pound helps overseas exposed stocks and a surge in commodity a

9 Mar 2018 10:40

WINNERS & LOSERS SUMMARY: RM2 Jumps As It Sees Positive 2019 Earnings

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------Anglo American, up the

15 Feb 2017 16:45

Broker tips: Acacia Mining, Hunting, Ashtead

(ShareCast News) - Gold miner Acacia Mining had its share price target lifted in a bullish note from Jefferies on Wednesday morning. Jefferies reiterated its 'buy' rating and status as the investment bank's top pick in the sector, and lifted its target price to 575p from 550p as the once-chronic und

15 Feb 2017 11:18

Acacia Mining's valuation still not stretched, says Jefferies

15 Feb 2017 09:21

Wednesday broker round-up

(ShareCast News) - William Hill: HSBC downgrades to Reduce with a target price of 255p. Smith & Nephew: Berenberg reiterates Hold with a target price of 1275p. JD Wetherspoon: Deutsche Bank reiterates Sell with a target price of 600p. Acacia: Jefferies reiterates Buy with a target price of 575p.

14 Feb 2017 12:03

LONDON MARKET MIDDAY: Weak Pound Boosts FTSE 100 As Inflation Rises

14 Feb 2017 07:26

Acacia Mining returns to profit in 4th quarter

(ShareCast News) - Acacia Mining returned to profit in the final quarter of 2016 as it said 2017 gold production increased to between 850,000-900,000 ounces at lower costs of $880-$920 per oz. Fourth quarter pre-tax profits rose to $62m compared with a loss of $131.9m year-on-year. Revenues were up

31 Jan 2017 16:30

Sector movers: Miners boosted by weaker dollar, strike threat

(ShareCast News) - Shares of Industrial Metals and Mining firms led gains on Tuesday as a weaker dollar, supportive news-flow for crude oil and copper futures and low trading volumes in the latter lifted commodity prices. As of 1800 GMT, the US dollar spot index was fading 0.73% to 99.697 after US t

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Barrick Gold given extension on Acacia Mining offer

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