Viridian NZ Bidco Limited, backed by private equity firm Crescent Capital Partners, is seeking clearance from the New Zealand Commerce Commission to acquire up to 100% of Metro Performance Glass Limited. This acquisition could take place through a takeover offer or a scheme of arrangement under the Companies Act 1993.

Viridian Glass, a subsidiary of Viridian NZ Bidco, operates glass processing plants in Auckland and Christchurch, providing architectural glass products and installation services. Metro Performance Glass, a publicly listed company, operates in a similar market with facilities in the same locations. The Commerce Commission has published a statement outlining preliminary issues related to the acquisition, focusing on key competition concerns.

The Commission is inviting comments from interested parties regarding the competitive effects of the proposed acquisition, with submissions due by June 19, 2025. A decision on the application is expected by July 28, 2025, although this timeline may be extended if necessary to ensure a thorough assessment of the potential impact on competition in the market.

The Commerce Commission emphasizes that clearance will only be granted if it is satisfied that the merger will not substantially lessen competition in the relevant market. Further details on the merger assessment process can be found on the Commission's website.