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’.

Source: reuters.com

Publication date: Mon 18 Sep 2023

email this article Print

Receive the daily newsletter in your email for free | Click here

Other news in this sector:

2023-09-25 Copefrut adopts BoBan brand identity in China
2023-09-25 Produce industry veteran passes away at 83
2023-09-22 Vertically farmed salads now available in vending machines
2023-09-22 Coles replaces compostable bags in fruit and vegetable section in all South Australian stores
2023-09-21 Costa board set to sign Paine Schwartz’s lowered bid
2023-09-21 Bayer expands its fruit and vegetables business to strawberries
2023-09-21 "Technical possibilities offer secure and clean solution"
2023-09-21 Mission Produce hosts 11th golf tournament fundraiser
2023-09-21 USDA cites Florida company for PACA violations
2023-09-21 Luc Vanoirbeek re-elected as Copa-Cogeca's fruit and vegetable working group chair
2023-09-20 USDA restricts PACA violators in California, New York and Texas
2023-09-20 Recipient of 2023 Women in Supply Chain award announced
2023-09-20 Independent investment firm buys NatureSweet
2023-09-20 AgroFresh finalises Tessara acquisition
2023-09-20 Western Australian wholesale fruit and vegetable entity up for sale
2023-09-19 Sale by Zeder of their investment in Capespan
2023-09-19 Starr Ranch Growers and CMI Orchards start partnership
2023-09-19 Greenyard dividend of of € 0.10 per share approved, directors reappointed
2023-09-19 AgriNurture takes full control of Australian fruit and vegetable trader
2023-09-19 "The necessary resources can be managed more easily in cooperation than on a stand-alone basis"

<< Back | FreshPlaza.com

Sectors

Announcements

Vacancies

Specials more

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