US private equity group Paine Schwartz Partners drops $139 mln from its offer for Costa Group

Just two weeks after Australia’s largest grower and packer of fresh produce revealed a deterioration of trading conditions in the June half, US private equity group Paine Schwartz Partners has dropped the offer price for its $1.63 billion takeover of Costa Group Holdings by $139 million.

Costa Group suffered a 6.2 per cent drop in interim net profit to $37.8 million for the first six months of calendar 2023. That is why it announced to the market today that Paine Schwartz Partners (PSP) has put forward a non-binding offer of $3.20 a share – down from the $3.50 a share first announced in July.

The new offer values Costa at $1.49 billion with PSP affirming that this is the ‘best and final price at which the PSP-led consortium can deliver the proposed transaction’.


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