Costa Group (ASX:CGC) shareholders approve $1.5B buyout bid

Shareholders of the Australian fruit and vegetable company Costa Group approved a $1.5 billion buyout bid from a consortium led by Paine Schwartz, a US private equity firm, despite concerns about the perceived "lowball" offer.

Over 98% of eligible proxy votes supported the $3.20 per share offer.

Costa's board earlier agreed to a $100 million reduction from the original $1.6 billion offer.

The company is set to be delisted from the ASX on Feb. 8.