July 4 (Reuters) - Costa Group Holdings Ltd (CGC) : NON-BINDING...

July 4 (Reuters) - Costa Group Holdings Ltd (CGC) :

• NON-BINDING INDICATIVE PROPOSAL FROM PAINE SCHWARTZ PARTNERS
• ON 31 MAY 2023, IT RECEIVED AN UNSOLICITED, CONFIDENTIAL, NON-BINDING INDICATIVE PROPOSAL FROM PAINE SCHWARTZ PARTNERS
• COSTA SHAREHOLDERS WOULD RECEIVE CASH CONSIDERATION OF A$3.50 PER SHARE
• PROPOSAL TO ACQUIRE ALL OF ISSUED SHARES IN COSTA WHICH IT DOES NOT ALREADY OWN BY WAY OF A SCHEME OF ARRANGEMENT
• COSTA SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION AT THIS TIME IN RELATION TO INDICATIVE PROPOSAL
• DUE DILIGENCE PERIOD COMMENCED ON 6 JUNE
• DETERMINED IT WAS IN BEST INTERESTS OF SHAREHOLDERS TO GRANT PSP AN EIGHT-WEEK PERIOD OF NON-EXCLUSIVE DUE DILIGENCE
• FURTHER DUE DILIGENCE AND NEGOTIATIONS ON A POTENTIAL SCHEME IMPLEMENTATION AGREEMENT ARE EXPECTED TO CONTINUE THROUGH JULY
• COSTA SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION AT THIS TIME IN RELATION TO INDICATIVE PROPOSAL
• NO CERTAINTY THAT INDICATIVE PROPOSAL WILL RESULT IN A BINDING OFFER OR THAT ANY TRANSACTION WILL EVENTUATE
• PSP HAS INDICATED THAT THEY HAVE RECEIVED APPROVAL FROM FOREIGN INVESTMENT REVIEW BOARD TO ACQUIRE UP TO 100% OF SHARES IN COSTA
• INDICATIVE PROPOSAL FOLLOWED PSP ACQUIRING A 13.78% RELEVANT INTEREST IN COSTA ON 25 OCTOBER 2022 AT A PRICE OF A$2.60 PER SHARE
• PROPOSAL FOLLOWS VERBAL ENGAGEMENT BETWEEN COSTA AND PSP IN APRIL OVER POTENTIAL APPROACH AT RANGE OF A$3.20 TO A$3.30 PER SHARE