Latest news with #TakeoversCode
Scoop
3 days ago
- Business
- Scoop
Viridian Seeks Clearance To Acquire Metro Performance Glass
The Commerce Commission has received an application from Viridian NZ Bidco Limited seeking 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. Viridian NZ BidCo is wholly owned by funds associated with private equity firm Crescent Capital Partners, which owns Viridian Glass GP Limited (Viridian Glass). At plants in Auckland and Christchurch, Viridian Glass processes imported glass into architectural glass products that it sells to window/door fabricators and merchants throughout New Zealand. Viridian Glass also provides ancillary glass installation services. Metro Performance Glass is a publicly listed company that, like Viridian Glass, is involved in the processing and installation of glass in New Zealand, and also has plants in Auckland and Christchurch. The Commission has today published a statement of preliminary issues in relation to Viridian's application. The statement outlines the key competition issues that the Commission considers important in deciding whether or not to grant clearance to the proposed acquisition. The Commission invites interested parties to provide comments on the likely competitive effects of the proposed acquisition. Submissions can be sent by email to registrar@ with the reference 'Viridian/Metro' in the subject line. Any submissions should be received by close of business on 19 June 2025. The Commission is currently scheduled to make a decision on the application by 28 July 2025. However, this date may be extended with the agreement of Viridian if the material before the Commission at that time does not allow it to be satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market in New Zealand. The statement of preliminary issues and a public version of the clearance application can be found on the Commission's case register.
National Business Review
4 days ago
- Business
- National Business Review
Takeovers Panel NZME process a ‘disservice' to NZ, Grenon says
The Takeovers Panel's enquiry into whether certain acquisitions of NZME shares by Jim Grenon were in compliance with the Takeovers Code was 'completely unnecessary and a disservice to New Zealand,' the newly appointed NZME director says. Grenon's appointment to the board of the listed media
Scoop
07-05-2025
- Business
- Scoop
NZME / James Grenon
In April 2025, the Takeovers Panel held a meeting under section 32 of the Takeovers Act 1993 to inquire into potential non-compliance with the Takeovers Code by Mr James Grenon when he acquired a total of 1,212,975 NZME shares, representing 0.646% of the voting rights in NZME Limited on 4 March 2025. Today, the Panel released its determination and statement of reasons. In summary, the Panel was satisfied that the acquisitions did not breach rule 6(1)(a) of the Code. The Panel's decision turned on whether, at the time of the acquisitions, Mr Grenon was an associate of Spheria Asset Management Pty Limited, the controller of at least 14.946% of voting rights in NZME, and with Caniwi Capital Partners Limited, the controller of 1.674% of the voting rights. After receiving documentary evidence and hearing oral evidence, the Panel was satisfied that, at the time of the acquisition, Mr Grenon was an associate of Caniwi, but not an associate of Spheria. Accordingly, after the acquisitions, Mr Grenon, together with his associates, did not hold or control more than 20% of the voting rights in NZME. About the Takeovers Panel The Panel is an independent Crown entity established under the Takeovers Act 1993. The Panel's mandate is to strengthen investor confidence in New Zealand's capital markets by enforcing the Takeovers Code. The Code ensures that all shareholders have a fair opportunity to participate in control-change transactions (such as mergers, acquisitions, takeovers and allotments) in Code companies. Further information on the Takeovers Panel is available at
National Business Review
06-05-2025
- Business
- National Business Review
Takeovers Panel clears Grenon of code breach
The Takeovers Panel is satisfied that Canadian billionaire James Grenon's acquisition of NZME shares was not in breach of the Takeovers Code. The decision, released today, also reveals Grenon decided to buy shares in the company after speaking with Caniwi Capital founder Troy Bowker. Grenon
RNZ News
06-05-2025
- Business
- RNZ News
James Grenon did not breach NZME Takeover Code, NZX Takeovers Panel finds
Photo: Supplied The NZX Takeovers Panel has cleared James Grenon of breaching the Takeovers Code when he bought shares in NZME . It held a meeting last month to consider whether he had broken the rules around share purchases by significant shareholders. Grenon had been working to remove some or all directors of NZME and replace them. The panel was considering at the time whether he was associated with NZME's biggest shareholder Spheria Asset Management, with 14.946 percent of the shares. Shareholders who own, or have associates who own, more than 20 percent of a company's stock have to give all shareholders the opportunity to participate in a control-change transaction. Grenon bought further shares in NZME in March, shortly before he wrote to the company about his plans to remove directors and replace them. The Takeovers Panel said it initially decided there was a reasonable possibility Grenon was already associated with Spheria and a smaller shareholder, Caniwi, with 1.674 percent, at the time of the purchase in March. James Grenon. Photo: TOM Capital Management It asked whether he would sell the shares within six months, not exercise the voting rights and ensure his public statements reflected those voting restrictions. He responded that he would not. An April meeting was held where it was decided his acquisition did not breach the rules. The panel said it had heard evidence and was now satisfied that when he bought the shares, Grenon was an associate of Caniwi but not Spheria. "Accordingly, after the acquisitions, Mr Grenon, together with his associates, did not hold or control more than 20 percent of the voting rights in NZME." Earlier this week, it was revealed that former National cabinet minister Steve Joyce has been nominated for the board, and suggested as a potential chair to replace Barbara Chapman. The company's shareholders meet in early June to select a new board. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
