Acaca Mining urges shareholders to 'take no action' after Barrick Gold tables buyout offer

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Acaca Mining urged shareholders to 'take no action' after Barrick Gold tabled an offer for the remaining shares in the company.

The buyout offer would be in the form of new common shares in Barrick, with Acacia shareholders receiving 0.153 of a new common share of Barrick for every ordinary share in Acacia.  

The proposal values Acacia at $787m and total consideration to the minority shareholders of Acacia of $285m, according to Barrick.

Barrick also informed the company that it had made 'significant progress towards finalising a proposed resolution to its ongoing dispute with the Government of Tanzania.'

'The Board is considering these developments, and will be taking steps to seek clarification of the Government of Tanzania position. A further announcement will be made in due course.  In the meantime, Acacia shareholders are strongly advised to take no action,' the company said.

At 9:14am: (LON:ACA) Acacia Mining Plc share price was -8.35p at 151.15p