M&A

Barrick, Acacia finally in accord

Acacia agrees revised Barrick offer before deadline

Staff reporter
Barrick, Acacia finally in accord

The recommended £343 million offer for the 36.1% of Acacia it doesn't already own adds a 53.5% premium to the 151p price of Acacia shares on May 20, before the announcement of a possible bid.

Acacia has operational and exploration assets in Tanzania, Kenya, Mali and Burkina Faso.

The Nyanzaga project in Tanzania and South Houndé in Burkina Faso are being sold separately.

Leading global mining consultancy SRK has a target value range of US$37-87 million on Acacia exploration properties to be sold off by Barrick, which has a "preferred value of US$57 million" on the properties.

"The indicative valuation for [Acacia] is a step up from the 146p we estimated using prevailing spot rates on the date of the initial announcement," Jefferies said.

"While the increase in the exchange ratio is a clear positive, the more significant increase in the valuation is from a plus-41% increase in Barrick shares over the same period."

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.