Costa Group shareholders have voted overwhelmingly in favour of Paine Schwartz Partners’ (PSP) offer to acquire the company for $3.20 per share, valuing the fresh produce company at $1.5 billion.
More than 98 per cent of eligible proxy votes and 75 per cent of shareholders present voted in favour of the scheme resolution.
The US private equity company led a consortium with British Columbia Investment Management Corporation, and Driscoll’s.
PSP originally offered $3.50 per share in July last year, but revised its offer down in September, shaving $100 million off its original $1.6 billion offer.
At the scheme meeting on 30 January, Costa Group chair Neil Chatfield said the price was fair, with independent expert Kroll concluding it was a fair and reasonable offer.
He also highlighted the experience of the consortium members, saying PSP has invested $5.7 million in food and agriculture over the last few decades. Driscoll’s has a long relationship with Costa and two joint ventures in Australia and China, while British Columbia Investment Management Corporation is a major global institutional investor with $233 billion in gross assets under management including agricultural businesses.
