Viridian withdraws application to acquire Metro Performance Glass
Viridian NZ BidCo Limited has formally withdrawn its application to the Commerce Commission for clearance to acquire up to 100% of the shares in Metro Performance Glass Limited by way of a takeover offer under the Takeovers Code or scheme of arrangement under Part 15 of the Companies Act 1993.
At the time the application was withdrawn, the Commission had unresolved issues with the transaction’s potential effect on competition, although it had reached no final decision.
The Commission’s case register will be updated in due course.
Background
Viridian and Metro are involved in the processing and installation of glass across New Zealand, with plants in both Auckland and Christchurch.
We will only give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
Further information explaining how the Commission assesses a merger application is available on our website.