On 21 May 2019, Acacia Mining plc (“Acacia” or the “Company”) announced that it had received an indicative proposal from Barrick Gold Corporation (“Barrick”) regarding a possible offer (the “Proposal”) for the entire issued and to be issued share capital of the Company not already owned or controlled by Barrick (the “Announcement”).
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.
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 (the “PUSU Deadline”).
Barrick has requested that the Company seek an extension to the PUSU Deadline in order to facilitate further engagement with Acacia and its minority shareholders.
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 (the “Panel”) extend the PUSU Deadline. 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. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
A further announcement will be made when appropriate. This announcement is being made with the prior approval of Barrick.
Source: Company Press Release