Two shareholders in Metro Performance Glass Limited (Metroglass), Takutai Limited and Masfen Securities Limited, have entered into a co-operation agreement with respect to a potential transaction involving Metroglass.
Metroglass has also received an unsolicited, non-binding, indicative proposal from a consortium led by Takutai Limited and supported by Masfen Securities Limited, seeking to acquire all of the Metroglass shares at a proposed price of NZ$0.18 per share in cash.
After careful consideration, the Board of Directors of Metroglass has concluded that the proposal significantly undervalues Metroglass and that it is not in the best interests of the company and its shareholders to progress the proposal.
Metroglass is continuing to progress the Australian Glass Group (AGG) divestment process and will provide an update on that process in due course.
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