Street Talk understands New York private equity firm Paine Schwartz Partners will announce a revised takeover bid for Costa Group on Monday.
in early July. Costa later confirmed it had received a takeover offer from Paine pitched at $3.50 a share at the end of May.on the announcement but have since fallen back to $2.94. Weighing on its share price was the release of unaudited earnings results in late August, falling right in the middle of PSP’s due diligence and casting doubt over whether the deal would proceed.
Macquarie Bank equity analysts said the disappointing full-year commentary was “not ideal” in the context of PSP’s bid but predicted a deal would still occur with “PSP likely having a through-the-cycle view on CGC and should look through short-term seasonal issues”.
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