Barrick Gold Corp, the world's No. 2 gold miner, believes its proposed offe...
- Barrick Gold Corp, the world’s No. 2 gold miner, believes its proposed offer to take full control of its African unit is “more than fair” and will engage with Acacia Mining Plc’s board and minority shareholders to win them over, Chief Executive Mark Bristow told Reuters on Tuesday.
Barrick’s May 21 share-for-share proposal valued Acacia at $787 million, a near 9% discount to its pre-offer closing price, drawing protests from Acacia’s minority shareholders. Acacia shares have risen 12% since the original proposal, and closed broadly in line with the offer value on Tuesday.“No one has ever won a takeover by approaching a company, offering a discount ... at the same time going against their own internal valuation, and then subsequently producing a bunch of new assumptions that make no logical sense for anyone, except the bidder,” said a top-10 Acacia shareholder, who requested anonymity.
“I’ve never been one that draws a line in the sand without proper engagement, and we’re committing again to engagement,” Bristow said. “But no one’s come up with an alternative.”
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