Acacia Mining shares up on takeover terms

Shares in gold producer Acacia Mining (LON:ACA) surged 18.65% to 221.4p (as of 11:00 BST) after its board reached an agreement on the terms of a recommended offer from Barrick Gold. Under the terms of the deal, each Acacia share would be exchanged for 0.168 new Barrick shares as well as possible deferred cash consideration dividends in the future.

Additionally, it has been agreed that the company’s exploration properties will be sold and the proceeds distributed among Acacia shareholders.