Paine Schwartz Partners has cut the amount it is prepared to pay for Costa Group, Australia’s largest fruit and vegetable processor, which has been an underperformer since listing on the ASX eight years ago.

The New York-headquartered buyout firm sliced an original offer of $3.50 a share, made in May, to $3.20 a share after two months of due diligence and accounting for Costa’s weaker profit outlook and a $30 million hit from adverse weather conditions.