Judging by the earnings downgrade issued by Costa Group (ASX:CGC) yesterday, its US suitor, Paine Schwartz, might have been considering another cut to its offer price, in addition to the one inflicted in September.
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In a rare move, the board of Costa Group (ASX:CGC), Australia's major fruit and vegetable supplier, has accepted a lower bid from its US private equity suitor.
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04 Jul 2023 – Costa Group is poised to recommend a takeover offer from New York-based private equity firm Paine Schwartz Partners.
Read MoreCosta Group shares sold off on Monday after the company revealed it continues to feel the negative impact of the big wet across its East Coast operations.
Read MoreInvestors took fright at the shock departure Monday of Costa Group CEO Sean Hallahan after only 18 months in the job, with shares falling nearly 15% in something of a wipeout.
Read MoreShares in fruit and vegetable supplier Costa Group sold off heavily on Monday morning, but the eventual market update didn’t seem as dire as the plunge suggested.
Read MoreThings were also busy across in the ASX Industrials sector. Here’s some news released during the Wednesday session by Costa Group, Fisher & Paykel Healthcare and ALS Ltd.
Read MoreMixed results yesterday from three retailers or suppliers to the sector – Coles, Best and Less, and Costa Group – but all saw their shares rise, going against the broader market selloff.
Read MoreSome follow-up news from Wednesday’s ASX session involving various stocks we’ve been watching of late, namely GUD Holdings, GrainCorp and Costa Group.
Read MoreOutperform rating and $4.15 target are unchanged.
Read MoreMorgans upgrades Costa Group to Add from Hold, and the target price is lowered to $3.70 from $3.81.
Read MoreOutperform rating and $4.15 target are unchanged.
Read MoreThe Outperform rating and $4.15 target are unchanged.
Read MoreStruggling fruit and vegetables grower and marketer Costa Group has gone on the front foot with a proposed deal worth nearly $200 million to lift its stake in the Australian citrus sector.
Read MoreFor the second time in two years shares in fruit and vegetable grower and distributor Costa Group have fallen out of bed after a weak trading update, ending the session down 24%.
Read MoreFruit and veg grower and distributor Costa Group has continued its recovery from the drought and poor growing conditions for some crops in 2019 with a solid six months to December.
Read MoreMacquarie Group has suddenly gotten a taste for berries and oranges, or so it seems after the bank’s agriculture fund revealed a $300 million takeover bid for the ASX-listed business Vitalharvest, which has thousands of hectares of orchards across Australia producing citrus and berries for Costa, the country’s largest listed horticulture group.
Read MoreCredit Suisse suggests the view on Costa Group being an agricultural stock is fading and the growth prospects are returning to favour. Earnings in the second half are expected to be driven by the rest of the citrus harvest, the main berry season in Australia, mushrooms and tomatoes.
Read MoreDuring this period of heightened market volatility, the divergence between expensive and cheap stocks has continued to grow. Perpetual Investments Head of Equities Paul Skamvougeras discusses where he sees opportunities.
Read MoreCosta Group has withdrawn guidance. Macquarie notes this comes despite the strong trading outcome in the March quarter. As seasonal conditions in Australia are better the concern is likely to centre on Europe.
Read MoreThe company has maintained 2020 guidance for earnings of $150m (EBITDAS). Improved prices are expected to enable the mushroom produce division to recover some growth.
Read MoreOne explanation for the solid performance yesterday by Costa Group shares is that the fruit and vegetable grower and supplier made it through 2019 and to an earnings announcement with a repeat of the downgrades that started in January 2019 and helped drive the share price to record lows.
Read MoreUBS observes wholesale trends continue to improve through January and mushroom pricing was particularly pleasing.
Read MoreWith the prolonged bushfire crisis now abated thanks to the efforts of Mother Nature and tireless firefighters, Tim Boreham ponders the effect of the firestorm on listed equity exposures.
Read MoreUBS reduces the target to $3.25, from $5.20, to reflect the impact of the capital raising and the company’s recent downgrade to expectations.
Read MoreBelieve it or not but there’s another profit warning – small this time – from Costa Group.
Read MoreThe reaction was to be expected but yesterday’s sell-off in shares of troubled horticulture group, Costa probably went a bit better than feared by the company and its supporters.
Read MoreCosta Group has again cut its earnings forecasts and revealed a $176 million issue to save the company from being crippled by rising debt, poor trading conditions, drought, high water costs and weak pricing for its fruit and vegetables.
Read MoreCosta Group has announced its fourth downgrade for the year, now expecting 2019 net profit of $28m and operating earnings (EBITDA) of $98m. Macquarie notes tomatoes are the only produce category to meet second half expectations.
Read MoreCosta Group, Australia’s biggest grower and packer of fresh fruit and vegetables, is in trouble and needs five days to come to terms with the problem and hopefully reveal a solution.
Read MoreA big loss for generics pharmaceuticals maker Mayne Pharma in 2018-19 surprisingly produced a big gain, meanwhile listed horticulture producer and distributor Costa Group has reported a 15% drop in statutory interim profit.
Read MoreCiti notes pricing for mushrooms has been unusually weak this year. This is Costa Group’s largest domestic product category. The weakness should abate in coming months but the broker remains cautious about forecasts.
Read MoreWith a new backer, Food Revolution Group is taking an aggressive approach to the Middle Kingdom. Further up the food chain, investors are trying to work out whether Costa Group’s issues are cyclical or more systemic
Read MoreIt was a litany of disaster for Costa in May. Variable harvest conditions for Moroccan blueberries, not cold enough for mushroom demand, crumbly raspberries and a fruit fly-spotted in one of the companies seven citrus orchards.
Read MoreShares in fruit and vegetable growing and supply group, Costa Group were sold off sharply for a second time in 2019 after a surprise downgrade statement to the ASX.
Read MoreMacquarie believes the company is well-positioned for growth and on track to achieve its targets for five-year berry plantings of 240ha in China by 2020. The international business is a driver of the company’s target for net profit growth of 30% or more in 2019.
Read MoreInvestors tiptoed into the shares of out of favour fruit and vegetable producer Costa Group yesterday after it confirmed the shock downgrade warned of in an update issued in early January.
Read MoreWith so many investment babies being thrown out with the murky bathwater, do opportunities abound for the fearless, especially given the market’s positive start to the year?
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