TSX-listed Barrick Gold and London-listed Acacia Mining on Friday announced that the High Court of Justice in England had sanctioned a scheme under Section 899 of the Companies Act 2006, enabling Barrick to acquire all outstanding issued share capital it does not already own in Acacia.
Barrick has a 64% shareholding in Acacia.
Acacia directors Peter Geleta, Rachel English, Steve Lucas, Deborah Gudgeon, Alan Ashworth and Adrian Reynolds will resign from the board, while Graham Shuttleworth and Martin Welsh have joined the board as directors.
Barrick in June proposed a takeover offer of 193p a share. Barrick said this was a 14.4% premium to Acacia’s closing share price on May 20.
Acacia subsequently noted, however, that the terms of the proposal implied a 2.9% discount to the closing price of Acacia’s shares on May 20, being the last day prior to the receipt of the proposal.
After raising its offer for Acacia to 232p a share on July 19, Acacia agreed to the takeover.