Dar es Salaam — Acacia board has agreed the request by Barrick Gold Corporation to extend the deadline to facilitate engagement with the company and its minority shareholders over a proposal for a takeover.
This is contained in a press release issued by Acacia on Tuesday, June 18.
The earlier deadline was planned for June 18 at 5.00 pm, but the Acacia statement said it has now been extended to July 9 this year.
"In light of this request, an extension has been granted by the Panel and in accordance with Rule 2.6(a) of the Code, Barrick is required, by not later than 5.00pm on 9 July 2019, either to announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that they do not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies," Acacia said in a statement.
"This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code."
Acacia has noted that further announcement will be made when appropriate and the announcement is being made with the prior approval of Barrick.
On 21 May 2019, Acacia Mining announced that it received an indicative proposal from Barrick regarding a possible offer for the entire issued and to be issued share capital of the Company not already owned or controlled by Barrick.
"The Board of Acacia (the "Board") believes that, subject to the price offered being fair and commanding the necessary support from shareholders, Barrick acquiring the remaining shares in Acacia it does not currently own would be an attractive solution for key stakeholders," says a statement.
The Announcement stated that any firm intention to make an offer in accordance with Rule 2.7 of the Code would be subject to a deadline of 5.00pm on 18 June 2019.
In order to provide further time to determine a proposal that might receive sufficient shareholder support, the Board of Acacia has requested that the Panel on Takeovers and Mergers extend the deadline, according to the statement.
Acacia Mining plc also notes that it has received an update from Barrick on the status of the negotiations with the Government of Tanzania to seek to identify a proposed resolution to the Company's disputes with the government of Tanzania.