US private equity firm Paine Schwartz Partners has a made a AUD1.4 billion ($934.50 billion) bid to acquire the remaining shares it doesn’t already hold in Australian horticultural specialist Costa Group Holdings, according to a report by Reuters.
US private equity firm Paine Schwartz Partners (PSP) has a made an AUD1.4 billion ($934.50 billion) bid to acquire the remaining shares it doesn’t already hold in Australian horticultural specialist Costa Group Holdings, according to a report by Reuters.
Shares in Costa – the country’s biggest citrus fruits grower and one of Australia’s biggest berry producers – jumped 9.8% to AUD3.25 when news broke of the proposed deal, which would see Costa’s shareholders receive AUD3.50 apiece, a premium of 34.6% to the price PSP paid in October.
Shares finally closed up 8.8% on Monday.
PSP, which specialises in sustainable food chain investing acquired a 13.8% stake in the company at AUD2.60 per share in October last year. It currently holds a 14.8% stake in the business.
