Fidelity International Ltd., a major shareholder in Acacia Mining PLC, said Barrick Gold Corp.'s takeover bid for the mining company is about 50% too low, Reuters reported May 31.

Fidelity International's portfolio manager Alexander Wright said it is a "no brainer not to accept it" at the price offered by Barrick, according to the report. Fidelity owns 3.2% of Acacia.

Barrick Gold, which already owns a 63.95% stake in Acacia, offered to buy all the shares it does not through a share-for-share exchange of 0.153 Barrick share for each Acacia share.

The deal implies a US$787 million value for Acacia and total consideration of US$285 million for the minority shareholders.

"We are definitely not going to accept the offer," Wright said, according to the report. Barrick had no further comment, Reuters reported.

Barrick Gold said it made the offer after the Tanzanian government stated that it was not willing to settle its disputes directly with Acacia.

Acacia previously advised its shareholders to take no action on Barrick Gold's offer, and said it was provided with a letter from the Tanzanian government stating that it was unwilling to reach a final deal if Acacia was involved.