Canada’s Barrick Gold (TSX:ABX)(NYSE:GOLD) has once again
bought itself more time to come up with a firm offer for the percentage in Acacia
Mining (LON:ACA) it doesn’t already own.
The Toronto-based company, which has a 63.9% stake in the
African miner, now has until July 19 to submit a new bid, Acacia said in a statement on Tuesday.
The original deadline for the proposed takeover, submitted in late May, was set to expire on June 18, but UK
regulators extended the deadline until July 9 at 5:00pm.
Acacia, Tanzania’s No.1 gold producer, said that its board continued to believe that, at a fair price, the proposed takeover would be an attractive solution for all stakeholders. That’s why the company asked the panel on takeovers and mergers to grant Barrick a new extension.
More to come…