Rejection of Barrick bid is 'no brainer', top Acacia investor says May 31 2019 [Reuters]
Barrick Gold Corporation (BC) (GOLD)
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Source: Reuters
Rejection of Barrick bid is 'no brainer', top Acacia investor says - Reuters 3 Min Read LONDON (Reuters) - Fidelity International, one of the largest shareholders in Acacia Mining, said on Friday Barrick Gold’s low bid to buy the Acacia shares it does not already own showed a lack of judgment and it was a “no brainer” to reject it. The comments in an interview are the first public response from one of Acacia’s top shareholders since Barrick’s offer earlier this month to buy them out for $787 million. Barrick Gold spun off Acacia into a separate company in 2010, but owns 63.9% of it. Barrick has said the offer level reflects the risk of operating in Tanzania and it has until June 18 to turn the indicative bid into a firm offer. Barrick had no further comment on Friday. Fidelity International said the bid was around 50% too low. “We are definitely not going to accept the offer,” Alexander Wright, portfolio manager at Fidelity International, Acacia’s sixth biggest investor according to R
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