Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi there, I have read the recent annoucement from Costa indicating a non-binding offer from PSP of $3.20 per share. Hard question but would you be holding these in anticipation, given the previous $3.50 (pre-downgrade) PSP offer, or looking to offload. Thanks!
Hi Campbell,
Paine Schwartz reduced its bid for CGC by 30c to $3.20 on Monday following two months of due diligence and taking into account CGC’s weaker profit outlook, including a $30 million hit from adverse weather conditions – with El Nino (a brutal hot summer) now forecast, we question if this will improve.
Following board approval by CGC the stock is now trading -3.5% below the “best & final” offer, which, even after their lower bid, represents a price close to the stock’s 2-year high. Our view post the announcement hasn’t changed:
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