Metro Performance Glass (Metro Glass) has announced that its directors have decided not to further consider or engage with the conditional proposal from CCP VI Bidco, a company managed by Crescent Capital Partners.
The company said it is important to note that no formal offer has been received, only a conditional proposal.
The directors cited a high level of transaction-related risks, including significant conditions in CCP VI Bidco's proposal, uncertainty in assessing potential cost savings, and the likelihood of the Commerce Commission not approving a combination of Metro Glass and Viridian Glass.
They also highlighted the potential for significant time and cost involved in progressing the proposal, as well as the distraction it would cause to the board and management.
Metro Glass said it will continue to pursue valid options while executing its existing plans.
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