Spurned suitor Marlborough Lines says it intends to pursue several allegations about Horizon Energy’s behaviour last year as well as the two under investigation by the Takeovers Panel.

Marlborough Lines chairman David Dew said the door was now open for more complaints through the two potential breaches of rule 64 of the Takeovers Code that the panel was considering.

Eastern Bay Energy Trust has suspended its takeover offer to NZX-listed Horizon Energy (HED) while it waits for a High Court determination.

The trust made a $4-a-share offer for the Whakatane company in January. It already owns 77.39% stake.

Horizon Energy has again appointed independent advisers to consider a takeover bid from the Eastern Bay Energy Trust.

Simmons Corporate Finance will prepare an appraisal of the trust’s $4-a-share offer for the remaining 32.71% stake it doesn’t already own.

In October last year, Simmons valued Horizon shares at between $3.96 and $4.68, after Marlborough Lines made a partial takeover bid, seeking 51%.

The Eastern Bay Energy Trust has made a takeover bid for Whakatane-based Horizon Energy, after last year quashing a partial takeover bid by electricity lines company Marlborough Lines.

The NZX-listed (HED) company issued a statement today it had received a takeover notice for 100% of ordinary shares at $4.00 per share.

The Eastern Bay Energy Trust is already a majority shareholder with a 77.29% stake in Horizon but would only purchase the remaining shares after consumer consultation, it said.

Marlborough Lines says it is surprised at Horizon Energy and Eastern Bay Energy Trust’s reaction to its partial takeover bid, rejected yesterday.

Chairman David Dew stopped short of saying the Whakatane-based electricity distributor courted Marlborough Lines, but said 77% shareholder Eastern Bay indicated it might receive the bid well.