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Acacia Mining shareholders approve Barrick Gold's improved takeover offer

Acacia Mining PLC said Sept. 3 that 99.98% of its shareholders approved Barrick Gold Corp.'s improved offer for the remaining 36.1% stake in the company that Barrick does not already own.

The closing of the transaction is expected on Sept. 17.

In July, Barrick raised its bid to 0.168 Barrick shares for each Acacia share held by minority shareholders from the previous exchange ratio of 0.153, which Acacia had rejected.

Barrick is buying out the remaining Acacia stake that it does not own in an effort to resolve a tax dispute with the Tanzanian government.

In mid-August, Acacia resumed gold exports from the North Mara mine in Tanzania shortly after receiving government approval, although gold processing remains suspended.