Acacia Mining takeover

ACACIA Mining has accepted a sweetened takeover offer from its majority shareholder Barrick Gold, which has ended a twomonth stand-off.

Canadian miner Barrick has offered to buy the 36pc of Acacia that it does not already own, for around 232p per share.

This values Acacia at £951m and was around 24pc more than the company’s closing share price on Thursday.

It is substantially more than a 193p offer Barrick tabled in May, which provoked ire from Acacia’s other investors for undervaluing the firm. Peter Geleta, Acacia’s chief executive, said: ‘Given the circumstances, this is possibly the best outcome.’

Barrick previously owned the whole of Acacia before spinning out as a separate company in 2010, retaining a 64pc stake.

A vote will be held on the takeover in two months’ time, when it must be approved by 75pc of minority shareholders.

Acacia has endorsed the new, higher offer price and the takeover is expected to complete this year. Its shares rose 19.3pc, or 36p, to 222.6p.