v3.26.1
Subsequent Event
6 Months Ended
Apr. 30, 2026
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
On May 28, 2026, we consummated our acquisition of 100% of the outstanding common stock of Calavo. Calavo is a leading provider of fresh avocados, tomatoes, papayas, and value-added prepared foods, including a variety of ready-to-eat products such as guacamole and salsas. Its products are sold under the Calavo brand name, proprietary sub-brands, as well as private labels and store brands. The preliminary value of consideration transferred totaled approximately $465 million, which was comprised of 17,530,823 shares of our common stock and approximately $266 million in cash. Due to the limited time between the closing date of the transaction and our filing of this Quarterly Report on Form 10-Q for the quarter ended April 30, 2026, initial accounting for the business combination is incomplete and we are not yet able to disclose the provisional amounts to be recognized as of the acquisition date for assets acquired and liabilities assumed. We expect to provide preliminary purchase price allocation information in the Quarterly Report on Form 10-Q for the quarter ending July 31, 2026. Upon closing, the company incurred $5.0 million in transaction fees paid to third-party advisors for the successful acquisition.
On June 3, 2026, the Board of Directors approved a stock repurchase program, which permits the Company to repurchase up to $100 million of shares of the Company’s common stock over the next 36 months, effective June 3, 2026 (the “2026 Program”). The 2026 Program replaces the Company’s previous common stock repurchase program adopted in September 2023, which would have expired in September 2026 with approximately $11.2 million remaining. The shares may be repurchased from time to time in open market and/or pursuant to Rule 10b5-1 trading plans in such quantities and at such prices as may be authorized by certain designated officers of the Company. No shares were repurchased following approval through June 8, 2026.