By David Winning
SYDNEY–Fruit and vegetable grower Costa said U.S. private-equity firm Paine Schwartz Partners has lowered its takeover proposal after several months of discussions.
Costa said Paine Schwartz has now proposed a deal worth 3.20 Australian dollars (US$2.06) a share for all of the outstanding stock that it doesn’t already own. Paine Schwartz has also indicated that this is its best and final offer, it said.
The revised non-binding proposal is lower than the A$3.50/share approach made by Paine Schwartz at the end of May. The new proposal values Costa’s equity at A$1.49 billion.
The private-equity firm had acquired a 14% interest in Costa in October 2022 at A$2.60 a share.
“The Costa Board, together with its financial and legal advisers, is considering the revised non-binding offer and is continuing to engage with Paine Schwartz regarding the terms and conditions of the offer,” Costa said in a regulatory filing on Monday.
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