Metro Performance Glass has announced that it has received an unsolicited acquisition proposal from CCP VI Bidco, a company managed by Crescent Capital Partners and the owner of competitor Viridian NZ.
The proposal, which is non-binding and subject to various conditions, involves the offer to acquire all of Metro's shares for 8 cents per share.
The company said the successful completion of the proposal would be contingent on due diligence and approval from CCP VI Bidco and Crescent Capital Partners' investment committee, as well as Commerce Commission and Overseas Investment Office approvals, if required.
It would also require reaching an agreement with Metro's banks regarding the roll-over of the company's facilities and either at least 90% acceptance under a takeover offer or 75% shareholder approval under a scheme of arrangement.
Metro's directors said they welcomed the interest from CCP VI Bidco but expressed concerns about the inherent risks of due diligence being conducted by a competitor.
They also noted that a combination of Metro and Viridian was unlikely to be approved by the Commerce Commission.
The directors said they would take advice and further consider the proposal before responding and making a further announcement.
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