"The acquisition of Equinox would add a high-quality, long-life asset to our portfolio and is consistent with our strategy of increasing gold and copper reserves through exploration and acquisitions," Aaron Regent, Barrick's president and chief executive, said in a prepared statement.
Barrick shares are down more than 5.5% in intraday trading.
Update April 26:
Minmetals pulls out of the race saying Barricks bid is "above our most optimistic assessment value". Equinox closed yesterday at $8.37, above Barrick's $8.15 bid as some investors were hoping Minmetals would top the bid.
