{"id":62344,"date":"2023-09-18T05:22:52","date_gmt":"2023-09-18T09:22:52","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/costa-group-falls-most-in-3-weeks-as-pain-schwartz-lowers-buyout-bid\/"},"modified":"2023-09-18T05:22:54","modified_gmt":"2023-09-18T09:22:54","slug":"costa-group-falls-most-in-3-weeks-as-pain-schwartz-lowers-buyout-bid","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62344","title":{"rendered":"Costa Group falls most in 3-weeks as Pain Schwartz lowers buyout bid"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A woman picks up some mandarin oranges at a fruits shop in Sydney June 7, 2011.REUTERS\/Daniel Munoz\/File Photo<\/span>
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By Himanshi Akhand and Rishav Chatterjee<\/p>\n

(Reuters) -Australia’s Costa Group on Monday said U.S. private equity firm Paine Schwartz Partners had lowered its offer price to buy the company by over A$100 million, sending shares of the country’s largest fresh produce business down 4%. <\/p>\n

Costa, which in August reported a fall in its half-year earnings and forecast a grim outlook for its key citrus products, also told shareholders New York-based Paine Schwartz had indicated the revised offer was the “best and final” it could make but could go lower if the grocer declared a dividend.<\/p>\n

Under the new proposal, Costa shareholders would receive A$3.20 apiece for the remaining 85.16% stake that the U.S. firm does not already own, lower than the A$3.50 apiece offer received in July. This values Costa at A$1.49 billion ($958.4 million).<\/p>\n

Paine had paid A$2.60 a share for an almost 14% stake in Costa last October and had begun discussions for a formal buyout bid in April.<\/p>\n

“While now at a much-reduced premium, the offer is still relatively attractive on valuation grounds,” said Angus Hewitt, equity analyst at Morningstar.<\/p>\n

The latest offer represents a 12.7% premium to Costa’s A$2.84 closing price Monday. The company’s stock hit a week low during trading, emerging as one of the top losers on the benchmark. <\/p>\n

Though Costa said there might be no certainty that a binding offer will be received, Morningstar’s Hewitt said the deal was likely to proceed as it still offers a 22% premium to the company’s close prior to the receipt of the original bid. <\/p>\n

($1 = 1.5547 Australian dollars)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A woman picks up some mandarin oranges at a fruits shop in Sydney June 7, 2011.REUTERS\/Daniel Munoz\/File Photo By Himanshi Akhand and Rishav Chatterjee (Reuters) -Australia’s Costa Group on Monday said U.S. private equity firm Paine Schwartz Partners had lowered its offer price to buy the company by over A$100 million, […]<\/p>\n","protected":false},"author":1,"featured_media":3776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-62344","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCosta Group falls most in 3-weeks as Pain Schwartz lowers buyout bid | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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