The Globe and Mail reports in its Wednesday edition that Barrick Gold has been given more time to table a formal takeover bid for Acacia Mining PLC, as its London-based subsidiary pushes for a materially higher offer. The Globe's Niall McGee writes that on Tuesday, just hours before a deadline set by a British takeover panel was set to expire, Barrick was granted a 10-day extension to consider a report by an independent mining consultant that argues Acacia is worth about 38 per cent more than Barrick is willing to pay. In a release, Acacia said that SRK Consulting (UK) Ltd. has calculated the "preferred" value for Acacia to be 271 pence ($4.45) a share. In May, Barrick said it was willing to pay 0.153 of its own shares for each Acacia share it does not already own, or roughly 197 pence a share. Barrick's push for Acacia, which operates three gold mines in Tanzania, is strongly motivated by a desire to end a geopolitical quagmire that has engulfed its subsidiary for more than two years. Some of Acacia's minority shareholders and analysts have argued Barrick's current proposal for Acacia is opportunistic and too low, but Barrick boss Mark Bristow has repeatedly said he has no intention of increasing the offer.