The recommended £343 million offer for the 36.1% of Acacia it doesn't already own adds a 53.5% premium to the 151p price of Acacia shares on May 20, before the announcement of a possible bid.
Acacia has operational and exploration assets in Tanzania, Kenya, Mali and Burkina Faso.
The Nyanzaga project in Tanzania and South Houndé in Burkina Faso are being sold separately.
Leading global mining consultancy SRK has a target value range of US$37-87 million on Acacia exploration properties to be sold off by Barrick, which has a "preferred value of US$57 million" on the properties.
"The indicative valuation for [Acacia] is a step up from the 146p we estimated using prevailing spot rates on the date of the initial announcement," Jefferies said.
"While the increase in the exchange ratio is a clear positive, the more significant increase in the valuation is from a plus-41% increase in Barrick shares over the same period."
