Australia's Costa Group gets lower buyout offer from Paine Schwartz (updated)

Costa group

17/09/2023 23:59

(Adds details on the offer in paragraphs 2-5)
       Sept 18 (Reuters) - Costa Group Holdings Ltd  CGC.AX 
said on Monday U.S. private equity firm Paine Schwartz Partners
(PSP) reduced its non-binding takeover offer for shares it
doesn't already own, valuing the horticulture company at A$1.49
billion ($958.4 million).
    Under the proposal, Costa's shareholders would receive
A$3.20 apiece for the remaining 85.16% stake PSP does not
already own, lower than the A$3.50 apiece offer received in
July.
    PSP has also indicated that this offer is the best and final
price at which the PSP-led consortium can deliver the proposed
transaction, Costa said in a statement.
    Costa, Australia's leading grower, packer and marketer of
fresh fruit and vegetables, added that it is considering the
lower offer and is continuing to engage with PSP regarding the
terms and conditions.    
    PSP did not immediately respond to a Reuters request for
comment.

($1 = 1.5547 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by Lisa
Shumaker)
 ((Himanshi.Akhand@thomsonreuters.com;))