18 June 2019

Tanzania: Acacia Agrees to Barrick's Request for Extension of Deadline to Takeover Proposal

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.


'Negligent' Diamond Platnumz Hasn't Talked to His Children for 9 Months Now - Zari

Ugandan-born socialite Zari Hassan has revealed that bongo star Diamond Platnumz has not been in touch with his children… Read more »

See What Everyone is Watching

More From: Citizen

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.