The Globe and Mail reports in its Tuesday edition that Acacia Mining says Barrick's takeover proposal undervalues the company, prompting Acacia to push its biggest shareholder to table a "fair" bid. The Globe's Niall McGee writes that last month, Barrick said it was willing to acquire the 36.1 per cent of London-based Acacia that it does not already own for $285-million (U.S.) in stock. At the time, the proposal was worth roughly 9 per cent less than Acacia's market value. Barrick chief executive officer Mark Bristow said that the discounted proposal was justified because of the inherent risk Acacia presents: It operates three gold mines in Tanzania and is also subject to a gold concentrate export ban there. Barrick also expressed skepticism last week about the true value of some of Acacia's assets, suggesting that it may be overestimating grade and underestimating costs at some of its mines. On Monday Acacia said it "strongly disagrees with Barrick's view on Acacia's life of mine plans" and "sees no reasonable basis" for Barrick's assessment. Over the past two years, Acacia's management has largely been locked out of negotiations with Tanzania to end the fracas, with Barrick doing most of the heavy lifting.