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Recently, strong reduction of the quasiparticle peaks and pronouncedincoherent structures have been observed in the photoemission spectra oflayered cobaltates. Surprisingly, these many-body effects are found to increasenear the band insulator regime. We explain these unexpected observations interms of a novel spin-polaron model for CoO_2 planes which is based on a factof the spin-state quasidegeneracy of Co^{3+} ions in oxides. Scattering of thephotoholes on spin-state fluctuations suppresses their coherent motion. Theobserved ``peak-dip-hump'' type lineshapes are well reproduced by the theory.

Spin polaron theory for the photoemission spectra of layered cobaltates