Latest news with #TakeoversCode
Scoop
07-08-2025
- Business
- Scoop
Statement Of Issues Released For Viridian's Proposed Acquisition Of Metro Performance Glass
The Commerce Commission has published a statement of issues relating to 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. The Statement of Issues outlines the Commission's potential competition issues with the acquisition following its initial investigation. The Statement of Issues is not a final decision and does not mean that the Commission intends to decline or clear the merger. The Commission is seeking submissions from Viridian, Metro and any other interested parties on the issues raised in the Statement of Issues. The Statement of Issues can be found on the case register. Submissions can be sent by email to registrar@ with the reference 'Viridian/Metro' in the subject line. Submissions are due by close of business on 4 September 2025, with cross-submissions due by close of business on 18 September 2025. The Commission was scheduled to make a decision by 28 July 2025, however an extension of time has been agreed between the Commission and Viridian. The new decision date is 20 October 2025. However, this date may be extended with the agreement of the applicant 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. Background We will only give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
Scoop
24-07-2025
- Business
- Scoop
Commission To Issue Statement Of Issues On Viridian's Proposed Acquisition Of Metro Performance Glass
The Commerce Commission has decided to issue a Statement of Issues relating to the 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. The Statement of Issues will be published on the Commission's case register in due course, and will outline the potential competition issues with the acquisition following the Commission's initial investigation. The Statement of Issues will invite submissions from Viridian, Metro and any other interested parties. The Commission has identified potential adverse competitive effects arising from a loss of competition between Viridian and Metro in glass processing, supply and installation markets where they are close competitors. These effects could include price rises, or reductions in product or service quality (including delivery timeframes). The specific markets in which these competitive effects appear to be most likely are the customer or geographic markets where there are limited supply alternatives to Viridian and Metro, and/or where a merged Viridian and Metro would not face a sufficient degree of competitive constraint. While we are continuing to investigate, those markets are likely to at least include those for the supply of glass to window and door fabricators and, separately, to glass merchants and glaziers. The Statement of Issues is not a final decision and does not mean that the Commission intends to decline or clear the merger. Background Viridian and Metro are involved in the processing and installation of glass across New Zealand, with plants in both Auckland and Christchurch. We will only give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. Further information explaining how the Commission assesses a merger application is available on our website.
Scotsman
25-06-2025
- Business
- Scotsman
30 Scottish Kwik Fit centres sold as part of ‘complex' legal deal
'This was a complex deal, which saw colleagues across the UK work collaboratively with multi-disciplinary and multi-jurisdictional teams' – Sheelagh Cooley, Shoosmiths Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... More than 80 Kwik Fit-operated tyre fitting sites including 30 in Scotland have been acquired for an undisclosed sum. The portfolio of 83 UK properties has been bought by Kwik Fit, part of European Tyre Enterprise Limited (ETEL), as it aims to bring more sites into its direct ownership. Advertisement Hide Ad Advertisement Hide Ad The tyre and car servicing firm, whose ultimate parent company is listed on the Tokyo Stock Exchange, was advised on the multi-jurisdictional deal by law firm Shoosmiths in the UK, including legal teams within its Edinburgh, Glasgow and Sheffield offices. It marks the latest in a number of similar transactions that the legal outfit has undertaken for Kwik Fit in recent years. Kwik Fit is one of the most familiar names in the tyre fitting and car servicing sectors with more than 600 centres in the UK. The roadmap to secure the deal saw Kwik Fit acquire Hawkeye Properties 501, a Jersey entity, which was itself ultimately held by Spring Real Estate Investment Trust, listed on the Hong Kong Stock Exchange. The complex deal, for an undisclosed sum, also required consent from the Securities and Futures Commission of Hong Kong, as the transaction constituted a special deal under the Takeovers Code. Paul Dempsey, group property director at ETEL, said: 'This transaction is a key part of Kwik Fit's strategic plan for growth across the UK and Ireland. We are delighted with the dedication and support Shoosmiths provided to manage this complex deal on our behalf.' Advertisement Hide Ad Advertisement Hide Ad Kwik Fit runs more than 600 centres in the UK. The business was set up by the late businessman Sir Tom Farmer in the early 1970s. Sheelagh Cooley, real estate partner and head of the Edinburgh office at Shoosmiths, added: 'Having supported ETEL with portfolio acquisitions in 2023 and 2024 (which saw 58 sites acquired), we are thrilled to have advised Kwik Fit on this latest acquisition of a further 83 sites. These deals enable one of the UK's leading tyre, MOT and car servicing retailers to bring more properties under its direct ownership.
Scoop
04-06-2025
- 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
03-06-2025
- 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
