Brief: Costa Group Receives Non-Binding Indicative Proposal From Paine Schwartz Partners

Costa group

04/07/2023 24:29

July 4 (Reuters) - Costa Group Holdings Ltd  CGC.AX :
    * NON-BINDING INDICATIVE PROPOSAL FROM PAINE SCHWARTZ
PARTNERS
    * ON 31 MAY 2023, IT RECEIVED AN UNSOLICITED, CONFIDENTIAL,
NON-BINDING INDICATIVE PROPOSAL FROM PAINE SCHWARTZ PARTNERS
    * COSTA SHAREHOLDERS WOULD RECEIVE CASH CONSIDERATION OF
A$3.50
PER SHARE
    * PROPOSAL TO ACQUIRE ALL OF ISSUED SHARES IN COSTA WHICH IT
DOES
NOT ALREADY OWN BY WAY OF A SCHEME OF ARRANGEMENT
    * COSTA SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION AT THIS
TIME
IN RELATION TO INDICATIVE PROPOSAL
    * DUE DILIGENCE PERIOD COMMENCED ON 6 JUNE
    * DETERMINED IT WAS IN BEST INTERESTS OF SHAREHOLDERS TO
GRANT PSP
AN EIGHT-WEEK PERIOD OF NON-EXCLUSIVE DUE DILIGENCE
    * FURTHER DUE DILIGENCE AND NEGOTIATIONS ON A POTENTIAL
SCHEME
IMPLEMENTATION AGREEMENT ARE EXPECTED TO CONTINUE THROUGH JULY
    * COSTA SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION AT THIS
TIME
IN RELATION TO INDICATIVE PROPOSAL
    * NO CERTAINTY THAT INDICATIVE PROPOSAL WILL RESULT IN A
BINDING
OFFER OR THAT ANY TRANSACTION WILL EVENTUATE
    * PSP HAS INDICATED THAT THEY HAVE RECEIVED APPROVAL FROM
FOREIGN
INVESTMENT REVIEW BOARD TO ACQUIRE UP TO 100% OF SHARES IN COSTA
    * INDICATIVE PROPOSAL FOLLOWED PSP ACQUIRING A 13.78%
RELEVANT
INTEREST IN COSTA ON 25 OCTOBER 2022 AT A PRICE OF A$2.60 PER
SHARE
    * PROPOSAL FOLLOWS VERBAL ENGAGEMENT BETWEEN COSTA AND PSP
IN
APRIL OVER POTENTIAL APPROACH AT RANGE OF A$3.20 TO A$3.30 PER
SHARE

Source text for Eikon:  ID:nASX4vPK0Q 
Further company coverage:  CGC.AX 

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