The New York buyout firm has reduced its offer for the country’s largest fruit and vegetable processor after due diligence and poor weather affected crops.
of berries, mushrooms, citrus fruit, tomatoes and avocados. It operates 7200 hectares of farmland in Australia, and also has facilities in Morocco and China.
Paine, which floated Costa in 2015, acquired an almost 14 per cent stake in Costa last October at $2.60 a share, and began discussions in April about a takeover offer in the range of $3.20 to $3.30 a share. It followed with a non-binding proposal at $3.50 a share in May that valued Costa at $1.6 billion.on August 31, said a late start to the citrus season meant most earnings would fall into the second half of the year.
Revenue grew by more than $60 million to $770.7 million, but Costa faced higher packaging, fertiliser and labour costs.
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