Shareholders in large Australian fruit and vegetable company Costa Group have voted in favour of a $1.5 billion buyout bid from a consortium led by United States private equity giant Paine Schwartz, despite complaints from some of a “lowball” offer.

More than 98 per cent of eligible proxy votes cast prior to the scheme meeting held in Melbourne on Tuesday were in favour of the $3.20 per share offer which values Costa equity at $1.5 billion. The Costa board in September agreed to a $100 million reduction to an original offer price of $1.6 billion from the consortium, which includes Californian berry company Driscoll’s and Canadian pension fund British Columbia Investment Management Corporation.