The Financial Post reports in its Saturday edition that Fidelity International, one of the largest shareholders in Acacia Mining, said on Friday that Barrick Gold's low bid to acquire all of Acacia shows a lack of judgment and it was a "no-brainer" to reject it. A Reuters dispatch to the Post says that its comments 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 (U.S.). Barrick spun off Acacia into a separate company in 2010, but owns 63.9 per cent 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. Fidelity International said that the bid was around 50 per cent too low. "We are definitely not going to accept the offer," said Alexander Wright, portfolio manager. "At this price it's a complete no-brainer not to accept it." Fidelity, with headquarters in Bermuda and offices in London, owns 3.2 per cent of Acacia. It would require 4 per cent of Acacia's shareholders to block a compulsory sale and 18 per cent to stop a delisting in the case of formal offer. "This shows a real lack of judgment," Mr. Wright told Reuters.