Shareholders approve Costa takeover | Article

The vast majority of Costa Group shareholders have approved an acquisition proposal from a Paine Schwartz Partners-led consortium including Driscoll’s and British Columbia Investment Management Corporation.

Shareholders gathered on 30 January to vote on the scheme with 98.35 per cent of the votes cast in favour from the 75.05 per cent of Costa shareholders present and voting.

The private equity firm’s acquisition of one of Australia’s leading fresh produce companies remains subject to the approval of the Federal Court of Australia which will convene on 7 February for a hearing on the proposal.

If approved it is expected that Costa shares will be suspended from trading on the ASX from close of trading on 8 February 2024 and the takeover will be implemented on 26 February 2024.

At the shareholder meeting, Costa Group chairman Neil Chatfield thanked shareholders for their input. 

“On behalf of the board, I want to thank all present and past Costa shareholders who more than anything else, have shown a willingness and commitment to invest in Australian agriculture,” said Chatfield.