Tanzania's largest gold miner Acacia Mining Plc said on Tuesday it is worth...
- Tanzania’s largest gold miner Acacia Mining Plc said on Tuesday it is worth more than a buyout proposal by majority shareholder Barrick Gold Corp values it at, and extended the deadline for a firm bid to July 19.
Barrick on May 21 had offered 0.153 of its own shares to acquire the 36.1% of Acacia it does not already own. That equates to about 193 pence per share, based on Monday’s closing prices, valuing the company at about $990 million , compared with $787 million when it first proposed the deal, thanks to a rally in Barrick shares.
“Barrick intends to meet early next week with representatives of Acacia and SRK to discuss the SRK report and related matters,” the company said. Acacia, whose minority shareholders had accused the Canadian company of taking advantage of its predicament, reported a 19% increase in second-quarter gold production.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Cisco's $2.6 billion acquisition of Acacia Communications is a brilliant strategic moveCisco's buy of Acacia is good for Cisco in every way. It's a little less clear why Acacia wanted to sell, but the trade war on China may be a factor.
Read more »
Cisco’s latest deal is an optical illusionThe networking giant is paying $2.8 bln for Acacia, one of its suppliers. Booming bandwidth use is driving demand for its high-speed optical components, but a lofty 46% premium virtually guarantees subpar returns. It’s an odd choice when software is driving Cisco’s margin growth.
Read more »
Breakingviews TV: Cuts-free M&AWatch: Cisco hasn’t detailed cost savings for its $2.8 billion deal for Acacia. Piper Jaffray reckons margins will double without cost cuts after its $485 million purchase of Sandler O’Neill. AntonyMCurrie and tombuerkle assess the merits of both deals.
Read more »
Why Cisco's $2.6 billion acquisition of Acacia Communications is a brilliant strategic moveCisco's buy of Acacia is good for Cisco in every way. It's a little less clear why Acacia wanted to sell, but the trade war on China may be a factor.
Read more »