Australia's Costa Group tops ASX 200 after backing buyout offer from Paine Schwartz

Costa group

22/09/2023 01:50

** Shares of Costa Group Holdings  CGC.AX  rise as much as
7.9% to A$3.130, their highest level since Aug 23
    ** CGC stock top gainer on the benchmark S&P/ASX 200 index
 .AXJO 
    ** Stock last up 6.7%, sees best day since July 4 if gains
hold
    ** Horticulture co says it entered an agreement to be bought
out by a consortium led by U.S. PE firm Paine Schwartz
    ** Deal values co at A$1.50 bln ($961.05 mln)
    ** According to the deal, CGC shareholders would receive
A$3.20 for each share Paine Schwartz does not already own in co,
representing a 10.3% premium to CGC's last close
    ** More than 5.3 mln shares change hands, 2.8x the 30-day
average volume of 1.9 mln shares
    ** Stock had risen 5.5% this year, as of last close,
compared with 0.4% increase in the S&P/ASX 200 index

($1 = 1.5608 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))