Australia's Costa Group jumps on $935 mln bid from private equity firm

Costa group

04/07/2023 02:05

** Shares of Costa Group  CGC.AX  jump as much as 10.5% to
A$3.27 - its highest level since July 4, 2022 
    ** CGC says it had received a A$1.4 mln ($934.50 mln)
takeover proposal from U.S. private equity firm Paine Schwartz
Partners LLC (PSP) for shares it does not already own in the
horticulture co
    ** Under proposal, CGC shareholders would receive A$3.50/shr
    ** PSP currently holds 14.8% stake in CGC
    ** Stock posts its biggest intraday pct gain since Oct. 26,
2022 - when PSP acquired an initial 13.8% stake in CGC
    ** CGC shares closed up 8.8% on Monday after local media
reported co was in takeover talks with PSP
    ** On Tuesday, CGC tops gains on the benchmark stock index
 .AXJO 
    ** About 1.6 mln shares change hands, vs the 30-day average
volume of ~1.5 mln shares
    ** Stock up 7.6% YTD, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))