Shares of Metro Performance Glass (ASX:MPP, NZE:MPG) rose in recent Friday trade after New Zealand's Commerce Commission said in a statement on Thursday that it had identified potential competition concerns regarding Viridian NZ Bidco's proposed acquisition of up to 100% of Metro's shares, either through a takeover offer or scheme of arrangement.
The company's shares gained around 2% on the New Zealand Stock Exchange, while holding steady on the Australian Securities Exchange in recent Friday trade.
The statement flags potential competition concerns from the initial investigation, but it is not a final decision on the merger's approval, the filing said.
The commission has invited submissions from Viridian, Metro, and other interested parties, and extended its decision deadline from July 28 to Oct. 20, with a further extension possible if more information is needed to assess potential competition impacts, the filing added.
Crescent Capital Partners, the fund manager of the funds that own Viridian NZ Bidco, did not immediately respond to a request for comment from MT Newswires.
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